ISLAMABAD: Pakistan is planning to adopt cryptocurrency as a “strategic asset” to bring about a digital financial revolution, an adviser to the Pakistani finance minister said this week, after Islamabad signaled its intent to formalize digital asset regulations.
Pakistan’s finance division said last month that it was mulling a national crypto council to establish a financial ecosystem in the country that would allow safe investments in digital assets.
This month, the finance division announced the appointment of Bilal bin Saqib, a Forbes-recognized entrepreneur and Web3 investor, as chief adviser to the finance minister for the Pakistan Crypto Council.
“The Pakistan Crypto Council recognizes Pakistan’s strong position as one of the top 10 nations globally in crypto adoption,” Saqib said on X.
“Moving forward, it will be our priority to recognize crypto as a strategic asset, develop comprehensive and forward-thinking regulatory frameworks, and ensure compliance to position Pakistan as a leader in the digital financial revolution.”
Pakistan’s central bank previously declared virtual currencies, including Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin and Pay Diamond, illegal and prohibited their sale, purchase and exchange in trading.
The country currently has over 20 million active users in the digital asset market who face significant challenges, including high transaction fees, according to the finance division.
Saqib noted that the United States (US) had just made a “historic” move to establish a Bitcoin Strategic Reserve, which marked a pivotal moment for the global economy.
“It signals a shift in how nations perceive value, moving beyond traditional assets like gold and oil to embrace the digital future,” he said.
“For the world, this decision brings greater legitimacy to crypto as a store of value, accelerates institutional adoption, and strengthens the foundation of the digital economy. It also sets a precedent for other nations to follow, reshaping the future of global finance.”
Last month, Pakistan’s Finance Minister Muhammad Aurangzeb directed stakeholders to formulate a comprehensive framework for a digital asset ecosystem that ensures security, transparency, regulatory compliance and economic viability. He was presiding over a high-level meeting to discuss global evolution of cryptocurrency and potential impact of digital assets on Pakistan’s economy.
“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 finance division said after the meeting on Feb 25.
“The Council will also collaborate with friendly countries to develop standardized frameworks for international digital economic engagement.”
Pakistan plans to adopt cryptocurrency as ‘strategic asset,’ adviser says
https://arab.news/5zqdv
Pakistan plans to adopt cryptocurrency as ‘strategic asset,’ adviser says
- Pakistan has over 20 million active users in the digital asset market who face significant challenges, including high transaction fees
- Last month, Islamabad announced its plans to set up a national crypto council to establish a digital financial ecosystem in the country
Pakistan, Turkiye demand immediate ceasefire in Gaza, separate state for Palestinians
- Prime Minister Shehbaz Sharif meets Turkish President Recep Tayyip Erdogan in Ankara
- Both leaders discuss cooperation in energy, mining, military and defense, says Sharif’s office
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif and Turkish President Recep Tayyip Erdoğan on Tuesday called for an immediate ceasefire in Gaza, reiterating their demand for the establishment of a separate and independent state for the people of Palestine.
Sharif is in Ankara on a two-day official visit to discuss bilateral ties between the two states, the regional situation and economic opportunities.
Pakistan and Turkiye have both repeatedly condemned Israel for its military campaign in Gaza, which has claimed the lives of over 51,000 Palestinians since October 2023.
“We strongly condemn the brutal killings of over 50,000 innocent Palestinians, including women and children,” Sharif said during a joint press conference with Erdogan.
“We have called for an immediate ceasefire and unhindered flow of humanitarian assistance for the Palestinian people. We renewed our call for a viable, independent and contiguous Palestinian state with pre-1967 borders and Al-Quds Al-Sharif as its capital,” he added.
Erdogan praised Pakistan for always adopting a “resolute” stance on the Palestinian issue, noting that Islamabad had given one of the strongest reactions to the ongoing “genocide” in Gaza.
“We will continue to work together toward the establishment of an independent and sovereign Palestinian state on the basis of 1967 borders with East Jerusalem as its capital and on the basis of its territorial integrity,” the Turkish president said.
Erdogan urged Turkish investors to develop joint business projects in Pakistan, saying that he discussed promoting mutual investments in Pakistan with Sharif and the allocation of a free economic zone for Turkish companies in the South Asian country.
“We wish to further develop our relations in the fields of military and defense industry through joint projects,” he said.
In a separate statement, Sharif’s office said he discussed the importance of enhancing economic collaboration with Turkiye, especially through joint ventures and bilateral investments, with Erdogan.
The Prime Minister’s Office said Sharif highlighted opportunities for cooperation in the fields of energy and mining, joint ventures in defense and agri production.
The PMO said Sharif also spoke about enhancing regional and bilateral connectivity to boost trade and deepen cooperation in emerging technologies such as artificial intelligence and cybersecurity.
Pakistan and Turkiye enjoy close cultural, historical and military relations which they are now expanding into the realms of trade, economy and investment as both countries seek to develop their economies.
As long-standing allies and strategic partners, Pakistan and Turkiye maintain a tradition of regular exchanges and have institutionalized leadership-level mechanisms such as the High-Level Strategic Cooperation Council (HLSCC).
The 7th session of the HLSCC was held in Islamabad on Feb 12-13 this year, and co-chaired by Sharif and Erdogan.
Pakistan stresses importance of trade corridors to increase investment at G-24 moot
- Muhammad Aurangzeb attends G-24 Finance Ministers and Central Bank Governors’ Meeting in Washington
- Finance minister stresses importance of greater financial and technical support among developing countries
KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb on Wednesday stressed the importance of regional trade corridors and enhanced connectivity to ensure increased investment and cooperation among nations, the Finance Division said.
Aurangzeb was speaking at the G-24 Finance Ministers and Central Bank Governors’ Meeting in Washington. The Pakistani finance minister is currently on a visit to Washington to attend the 2025 spring meetings of the IMF and the World Bank Group, where he has held a series of high-level engagements on the sidelines.
Pakistan has increased the importance of regional connectivity in its economic policy in recent years. The South Asian country is part of the China-Pakistan-Economic Corridor (CPEC), a multi-billion-dollar project that connects both countries via an infrastructure network of roads, railways and energy projects. Islamabad is also pushing for greater connectivity for trade and investment with Central Asian countries, Afghanistan, Turkiye and the Middle East.
“He [Aurangzeb] underscored the importance of regional trade corridors, enhanced connectivity and South-South cooperation as key drivers for increasing investment and trade flows,” the Finance Division said.
“He also stressed the need for greater financial and technical support among developing countries to navigate global economic challenges effectively.”
The minister highlighted the recent financial reforms undertaken by his government, pointing out the macroeconomic stability achieved by Pakistan. He lauded the “strong resilience” of the country’s banking system and the government’s ongoing structural reforms, the Finance Division said.
“Minister Aurangzeb emphasized the need to maintain the reform trajectory in view of evolving geopolitical dynamics, demand fragmentation, rising protectionism, and the risks of spillovers and exogenous shocks, including trade tariffs,” it added.
Earlier on Tuesday, Aurangzeb met IMF Managing Director Kristalina Georgieva, reassuring her that Islamabad would stay the reform course mandated by the global lender.
His engagements also included a meeting with World Bank Group President Ajay Banga. Aurangzeb commended the World Bank’s leadership in developing a transformative Country Partnership Framework (CPF) — a decade-long strategic roadmap centered around measurable impacts and outcomes.
During his visit to Washington, Aurangzeb is expected to meet finance ministers from China, the United States, United Kingdom, Saudi Arabia and Turkiye, as well as officials of global credit rating agencies, commercial and investment banks.
Pakistani Catholics hold vigils, praise Pope Francis for raising voice for Gaza
- Pontiff had reiterated call for Gaza ceasefire during last public appearance on Easter Sunday
- Pope remembered as revered advocate for peace, interfaith dialogue, and rights of the poor
LAHORE: Catholics in Pakistan have been holding prayers and vigils for Pope Francis, the first Latin American leader of the Roman Catholic Church who died on Monday, remembering him as an advocate for peace and praising him for speaking up for the “oppressed” in Gaza.
The pope was 88 and had suffered a serious bout of double pneumonia this year, but his death came as a shock after he had been driven around St. Peter’s Square in an open-air popemobile to greet cheering crowds on Easter Sunday.
In the eastern Pakistani city of Lahore, a small number of Catholics in the Muslim-majority country held prayers and a candlelight vigil for Pope Francis at the Cathedral Church of the Resurrection.
Church leaders and worshippers described the pope as a revered advocate for peace, interfaith dialogue, and the rights of the poor. The pontiff had reiterated his call for an immediate ceasefire in Gaza during his brief appearance before thousands of Catholic pilgrims gathered in St. Peter’s Square for the Vatican’s open-air Easter Sunday mass.
“Pope Francis was a personality who spoke above all for humanity. All his services conveyed a message of peace and harmony. Even his last words, which we can call his final will, were a prayer to God for peace,” priest Irfan Fiaz, 34, said.
“Pope Francis always prayed for the people, for our country, and constantly carried the message of brotherhood, peace, and security. And this message was not just limited to words, he practiced what he preached. There was harmony between his words and actions.”
Syed Mehmood, 50, chairman of a local peace committee, appreciated the pope for speaking up for the rights of Muslims and the “oppressed in Palestine and Gaza.”
“Wherever there was oppression against humanity, whenever there was injustice, the voice of Pope Francis was the first and the loudest to be heard, and his strong voice made a real impact,” Mehmood told AFP.
OIC urges member states to implement science, technology agenda during Islamabad meeting
- COMSTECH is holding three-day summit to discuss agenda to promote science and technology among member states
- Representatives from 15 OIC institutions, including those from Saudi Arabia, Malaysia, Türkiye, Bangladesh participate
Islamabad: An Organization of Islamic Cooperation (OIC) official on Tuesday urged member states to intensify their efforts in implementing the OIC’s Science, Technology and Innovation (STI) Agenda 2026 to ensure sustainable development.
The Ministerial Standing Committee of the Organization of Islamic Cooperation for Scientific and Technological Cooperation (COMSTECH) is organizing the sixth meeting of the OIC steering committee for the implementation of the organization’s Science, Technology and Innovation (STI) Agenda 2026 from Apr. 22-24 in Islamabad.
The OIC’s STI Agenda 2026, launched at the First OIC Summit on Science and Technology in Astana, Kazakhstan in 2017, is a strategic framework to advance science and technology by fostering collaboration, promoting sustainable development and enhancing the scientific capabilities of member states.
“I stress the utter importance of intensifying our efforts in implementing the OIC STI Agenda 2026 until it expires,” Ambassador Aftab Ahmed Khokhar, the OIC’s assistant secretary general for science and technology, said in his address during the meeting’s inaugural session.
This high-level meeting is being attended by the heads and representatives of 15 OIC institutions from Saudi Arabia, Kazakhstan, Türkiye, Jordan, Uganda, Bangladesh, Malaysia, and Pakistan.
The STI agenda’s progress is reviewed through regular meetings of the OIC Steering Committee. These meetings assess achievements, identify challenges and set future directions for the agenda’s implementation.
Khokhar highlighted the urgency of reviewing the STI Agenda, addressing associated challenges and outlining a way forward to ensure impactful outcomes.
“The OIC STI agenda, which is expiring in 2026, may be extended for another 10 years from 2027 to 2037, splitting into several shorter time frames with measurable and realistic actions to be executed,” he said.
COMSTECH Coordinator General Prof. Dr. M. Iqbal Choudhary said that with a population of 2 billion people across 57 countries, the OIC is focused on equipping its youth with science and technology to drive socioeconomic change.
“The OIC STI Agenda 2026 focuses on 12 priorities including ensuring quality education for all, enhancing youth employability through skills and training, and securing access to food, water, and energy as essential foundations for sustainable development,” Choudhary told Arab News.
He said it was very important to understand climate change and its impact on human life, highlighting it as one of the key areas where member states were working together under the STI agenda.
The COMSTECH official said Pakistan and Saudi Arabia could lead the Muslim world in this field. He noted that in recent years, the Kingdom under Crown Prince Mohammed bin Salman’s leadership, has achieved major milestones in science and technology-driven socio-economic development.
“I think Pakistan and Saudi Arabia can work together not only for bilateral benefit and cooperation but also to benefit other countries in the Muslim world,” Chaudhary explained.
He said Saudi Arabia had a leader’s role to play in developing an economically inclusive Muslim world through the use of science, technology and industry.
Pakistan, Russia resolve to strengthen cooperation amid surging ‘terrorism’ in Afghanistan
- Pakistan, Russia joint working group to counter international “terrorism” meets in Moscow
- Discussions revolved around growing need for adaptive strategies, says Pakistan foreign ministry
ISLAMABAD: Senior officials from Pakistan and Russia on Tuesday agreed to strengthen cooperation in the face of evolving “terrorism” in Afghanistan and the region, Pakistan’s foreign ministry said in a statement.
Pakistan and Russia have both struggled with threats from armed militant groups. Islamabad complains about increasing “cross-border” attacks by the banned Tehreek-e-Taliban Pakistan (TTP) that it says originate from Afghanistan, allegations denied by Kabul.
Russia also faces threats from Daesh militants. On Mar. 22, 2024, a deadly attack at the Crocus City Hall concert venue near Moscow killed over 140 people and injured several. The attack, claimed by Daesh militants, was one of the deadliest in Russia in recent years.
Both sides discussed counter-terror strategies during the 11th meeting of the Pakistan-Russia Joint Working Group to Counter International Terrorism in Moscow on Tuesday. Pakistan’s delegation was led by Special Secretary (United Nations) Nabeel Munir, while the Russian side was led by Deputy Foreign Minister, Sergey Vershinin, for talks that will go on till Wednesday.
“The two sides held an in-depth exchange of views on the global and regional terrorism landscape, with particular attention to the evolving threat posed by terrorism in Afghanistan and the region,” Pakistan’s foreign affairs ministry said.
“The discussions focused around the increasingly transnational nature of terrorism and the growing need for adaptive and cooperative strategies.”
The meeting concluded with both sides reaffirming their resolve to strengthen cooperation amid shared challenges posed by militants. The two delegations also recognized that collective efforts remain essential to maintaining regional and global stability, the Pakistani foreign ministry said.
Both sides decided to hold the working group’s next meeting in 2026.
Pakistan and Russia held the last meeting of the working group on Nov. 16, 2023, during which Moscow and Islamabad discussed national strategies and measures in combating “terrorism.”
The platform provides both sides an opportunity to share their experiences and best practices in battling militancy.
