KARACHI/ISLAMABAD: Pakistan Thursday took a significant step towards integrating digital assets into its national financial strategy with the announcement of its first government-supported Bitcoin reserve.
Bilal Bin Saqib, Special Assistant to the Prime Minister on Blockchain and Crypto and CEO of Pakistan Crypto Council (PCC), announced this during the Bitcoin Vegas 2025 conference.
Saqib presented a bold vision of Pakistan as a rising digital powerhouse. “I am not just here as a minister – I am here as the voice of a generation that is online, on-chain and unstoppable,” he said. He outlined plans to launch the Pakistan Digital Assets Authority (PDAA) to regulate and formalise the country’s digital finance ecosystem.
“Both Pakistan and Bitcoin have suffered from bad PR,” he noted. “But if you look past the headlines, you’ll find talent, resilience and vision.” Calling on global crypto builders, he added: “Come build in Pakistan — build wallets for the unbanked, tokenise land and scale your mission with our youth and grit.”
According to sources, the reserve will be managed through a proposed National Bitcoin Wallet, intended to hold digital assets already in the state custody.
Web3 and Digital Asset Consultant Arsalan Khan said Pakistan’s move to establish strategic bitcoin reserves “marks a turning point in its digital asset policy. This is not just about holding BTC – it is about signaling intent. It is about building sovereign resilience in a world where fiat dominance is being questioned.”
Khan added that for a country with over $30 billion in annual crypto activity and a digitally native youth, “this could lay the foundation for a parallel financial strategy that runs on code, not politics. The real opportunity lies ahead: integrating this reserve into broader economic frameworks like digital trade, remittances and cross-border settlements.”
According to official sources, Pakistan currently hosts approximately 40 million crypto wallets, placing it among the most active digital asset markets globally.
It is also considered one of the world’s largest freelance economies – a sector increasingly reliant on crypto-based transactions.
In parallel, the authorities also announced plans to establish a Digital Assets Authority, which will regulate blockchain-based financial systems and create a formal framework for the country’s evolving digital economy.
Chairperson of the Wireless and Internet Service Providers Association of Pakistan (Wispap) called the move “a catalyst for digital growth” but added that its success “hinges on building a secure digital ecosystem”. He explained, “Global experience makes it clear that increased financial activity in the digital domain attracts malicious actors. Sophisticated cyber threats – including hacking, ransomware attacks on mining facilities and data centres, and theft of digital assets – pose serious risks. To counter these, the PCC and the forthcoming Digital Asset Authority must mandate and enforce stringent cybersecurity standards. These should include advanced encryption protocols, multi-factor authentication, and real-time monitoring systems.”
He added that Wispap was committed to network security and resilience, vowing to help the government implement cybersecurity best practices.
Bin Saqib also used the platform to extend public thanks to US President Donald Trump for what he described as his role in encouraging crypto adoption and promoting peace during the recent period of India-Pakistan tensions.
The event was attended by US Vice President JD Vance, Eric Trump, and Donald Trump Jr., underscoring the international visibility of the announcement.
Tech expert and CEO of Invents Global Amar Makhdoom said launching a national bitcoin reserve “could be a strategic gesture to align with global interests, such as Western tech circles or financial influencers, positioning Pakistan as ‘crypto-friendly’ to attract foreign investment. This move could open doors to innovation funding, global partnerships, and inclusion in emerging digital asset economies. A well-structured Bitcoin reserve could also act as a hedge against inflation, diversify the country’s foreign reserves, and increase financial sovereignty in times of currency devaluation or geopolitical stress.”
As part of its crypto infrastructure rollout, the government has earmarked over 2,000 megawatts of surplus electricity for Bitcoin mining and artificial intelligence (AI) data centres in the initial phase.
Officials say this allocation is intended to attract independent miners, technology firms, and international blockchain players seeking to operate in the region.
On energy allocation, Makhdoom said given the country’s dependence on expensive energy sources like LNG and coal, Bitcoin mining is financially unsustainable without government subsidies which, if implemented, could raise electricity costs for ordinary citizens and small businesses. “That said, if approached strategically, Pakistan could explore clean energy mining zones (eg hydropower in northern regions) or public-private partnerships that promote green mining initiatives. This could not only mitigate energy concerns but also position Pakistan as a regional leader in sustainable crypto infrastructure.”
While the state has yet to release detailed regulatory guidelines, the government’s recent moves reflect an increasingly assertive stance on embracing fintech, crypto, and decentralised technologies as part of its broader economic modernisation efforts.
Mehtab Haider adds: Prime Minister Shehbaz Sharif Thursday appointed Bilal Bin Saqib as Special Assistant to the Prime Minister (SAPM) on Blockchain and Crypto, with the status of minister of state.
According to an official announcement, this decision positions Pakistan among an elite group of 7-9 nations, including the United States, El Salvador, and the UAE, with dedicated leadership for cryptocurrency and blockchain, signaling a bold commitment to leading the global digital economy.
Bilal Bin Saqib also serves as the Chief Executive Officer of the Pakistan Crypto Council (PCC) and Chief Advisor to the Finance Minister. As CEO of the Pakistan Crypto Council, Bilal has spearheaded strategic collaborations and built critical bridges between Pakistan and global technology stakeholders.
As SAPM, Bilal will be responsible for developing a comprehensive, FATF-compliant regulatory framework for digital assets, launching Bitcoin mining initiatives, overseeing blockchain integration in governance, finance, and land records, facilitating licensing and oversight of virtual asset service providers (VASPs), and championing investor protection and Web3 ecosystem growth in Pakistan.
Pakistan stands at a critical digital crossroads. The country consistently ranks in the top 10 globally for crypto adoption, according to the 2023 Chainalysis Global Crypto Adoption Index, with approximately 40 million crypto users and an annual crypto trading volume exceeding $300 billion. The nation produces around 40,000 IT graduates annually and boasts the 4th largest freelancer market worldwide.
According to Bilal Bin Saqib, “Pakistan’s unique demographic and digital landscape offers an unprecedented opportunity to leapfrog into the future of technology — where blockchain and crypto will drive economic growth, innovation, and global competitiveness.”
In a related development, the government Thursday informed the National Assembly’s Standing Committee on Finance that cryptocurrency remains banned and illegal in Pakistan. All those involved in dealing with cryptocurrency could be investigated by the Financial Monitoring Unit (FMU) and the Federal Investigation Agency (FIA).
Although, Secretary Finance Imdad Ullah Bossal conceded before the committee that there was no legal parliamentary backing for digital cryptocurrency, Pakistan Crypto Council (PCC) was established under the chairmanship of Finance Minister Muhammad Aurangzeb but it was just a task force for recommending legal and procedural framework to move ahead.
He said the government had appointed a special assistant to the prime minister (SAPM) on crypto. “In 2018, the central bank had issued instructions to its regulated entities, and those instructions are still valid, declaring that the holding and trading of cryptocurrencies are illegal. These entities are bound to report such cases to the Financial Monitoring Unit (FMU) for ongoing investigations by the FIA,” Executive Director State Bank of Pakistan Sohail Jawad, testified before the committee.
The committee met at the Parliament House with Nafisa Shah in the chair.
Federal secretary of finance suggested that the committee convene the PCC high-ups, SBP and SECP in the coming meeting and get a detailed briefing on this subject.
Irrespective of the political divide, the parliamentarians raised relevant questions. Sharmila Farooqui MNA inquired how the government would overcome money laundering and terror financing with the provision of legalizing cryptocurrencies.
The PTI parliamentarians inquired why the Ministry of Finance allocated 2,000MW electricity at a subsidized rate of 8 cents for the mining of cryptocurrencies. They said the IPPs were generating the bulk of power and asked if the government will alter the contracts without their consent. Secondly, they asked if the government provided cheaper electricity for mining of data for crypto, then who will provide the subsidy, or will it create another kind of circular debt monster.
Another MNA told this reporter after the meeting that first of all, there was a need to ascertain the exact volume of portfolio holdings by Pakistanis, as estimates differed from $17 billion to $300 billion. “There is a need to ascertain the facts before moving ahead. It seems there is a strong push from abroad to give legal cover to this digital currency,” he added.
