Pakistan's crypto regulatory chief: Cryptocurrency is a ladder for the masses, not a luxury

According to CoinDesk, Bilal Bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), stated that cryptocurrencies and blockchain are not luxuries for Pakistan, but rather a ladder for the masses. Bin Saqib revealed at the Hong Kong Consensus Conference that Pakistan has the third-largest retail crypto market in the world, surpassing Germany and Japan. Approximately 40 million citizens in Pakistan have traded digital assets without regulation, and 70% of the country's 250 million population is under the age of 30, with over 100 million unbanked citizens lacking savings and investment tools.

Regarding the Bitcoin strategic reserve plan announced last year, Bin Saqib mentioned that they are incorporating the digital assets held by the state into a formal national custodial framework, and have identified remaining power locations for mining. They are assessing the economic impact and engaging with global miners and AI computing operators, viewing Bitcoin mining and AI data centers as a mechanism to convert unused energy into national productivity.