ISLAMABAD – The federal government has appointed Bilal Bin Saqib as chief advisor to Finance Minister Muhammad Aurangzeb on Crypto Council in a major step to regularize cryptocurrency and blockchain technology in Pakistan.
The government has issued a notification stating that he has been appointed with immediate effect and until further orders. It added that Saqib, who was also named in Forbes 30 under 30 list, will not receive any salary, perks or privileges.
The development comes days after the finance minister revealed that the federal government has decided to consider establishing a National Crypto Council, which will serve as a dedicated advisory body regarding digital assets.
The body would comprise key government representatives, regulatory authorities, and industry experts, it was decided in a high-level meeting chaired by Finance Minister Muhammad Aurangzeb on digital assets.
The meeting was attended by foreign delegates, including President Donald Trump’s Advisors for Digital Assets. Minister of State for IT & Telecom, Shaza Fatima Khawaja, Governor State Bank of Pakistan, Secretary Finance, and Secretary IT & Telecom were also present.
“This Crypto Council will oversee policy development, address regulatory challenges, and ensure that Pakistan’s digital asset ecosystem evolves in a secure, compliant, and sustainable manner. The Council will also collaborate with friendly countries to develop standardized frameworks for international digital economic engagement,” read the official statement.
Participants discussed the global evolution of cryptocurrency, its increasing adoption, and the regulatory frameworks being implemented internationally, in line with US government policies.
The deliberations focused on financial security, risk mitigation, and the potential impact of digital assets on Pakistan’s economy.
Senator Muhammad Aurangzeb emphasized the importance of a well-regulated digital asset framework, aligning Pakistan with international best practices and complying with Financial Action Task Force (FATF) guidelines.
He highlighted the government’s commitment to exploring digital assets and integrating blockchain technology as part of its broader strategy to modernize the financial sector.
Discussions also included the tokenization of key infrastructure and state-owned enterprises (SOEs) assets, allowing for increased liquidity, broader investor participation, and greater efficiency in capital markets.
It was noted that various stakeholders, including foreign and domestic investors, have already developed product-ready digital asset solutions that could be explored within a regulatory sandbox.
Pakistan currently has over 20 million active users in the digital asset market who face significant challenges, including high transaction fees.
The finance minister reaffirmed his commitment to regulating and encouraging this industry by adopting appropriate frameworks, laws, and incentives to ensure transparency and facilitate digital business growth.
He directed relevant stakeholders to formulate a comprehensive framework that ensures security, transparency, regulatory compliance, and economic viability while safeguarding against financial crimes and illicit activities.
He also stressed the need for a balanced approach—one that encourages innovation and investment in digital assets while maintaining strict regulatory oversight in line with international standards.
