A ladder for the masses: Pakistan’s Bilal Bin Saqib says crypto is a necessity, not a luxury

Bilal Bin Saqib, chairman of Pakistan's Virtual Assets Regulatory Authority (PVARA), stated that regulating digital assets is a major opportunity for emerging markets. He explained that Pakistan recognized it had about 40 million citizens trading crypto without rules, protection, or state benefit, prompting a move from a gray market to a governed one. Pakistan has the third-largest retail crypto market globally, driven by its young, tech-savvy population, 70% of whom are under 30. With over 100 million unbanked citizens lacking investment tools, Bin Saqib asserts that crypto and blockchain are a "ladder for the masses," not a luxury. Furthermore, Pakistan is proceeding with plans announced last year to establish a strategic Bitcoin reserve, treating digital assets as sovereign wealth by formalizing state-held assets into a controlled custody framework. On the mining front, the country is identifying sites with surplus electricity to engage global miners and AI compute operators, viewing Bitcoin mining and AI data centers as mechanisms to convert unused energy into productive national capacity.

(Source：CoinDesk)