Pakistan will play an active role in shaping the global financial system

Minister of State and Chairman Pakistan Virtual Assets Regulatory Authority Bilal bin Saqib has said that Pakistan will also participate in the regulation of the formation of the global financial system.

Addressing a global forum held in Zurich, Switzerland, Bilal bin Saqib said that the world’s financial rules are being rewritten and Pakistan will play an active role in the formation of this new global financial system.

In his address, Bilal bin Saqib said that the financial system is rapidly becoming automated through software, blockchain and digital technology. Borders cannot stop this change. He said that now the question is no longer whether to allow digital assets or not, but the real question is their increasing supremacy and effective regulation.

He said that Pakistan will be among the countries that will form the rules of tokenized finance. Emerging economies should set the rules of the financial future themselves, and not just follow them.

The Minister of State said that Pakistan is currently pursuing a ‘Pakistan First’ strategy for digital assets. He said that it is the responsibility of the government not to stop economic innovation but to regulate it effectively so that new technologies can be harnessed in a safe and sustainable manner.

Bilal bin Saqib also presented Pakistan’s position on Central Bank Digital Currencies (CBDCs), stablecoins and tokenized money at the global forum. He said that Pakistan has made progress towards adopting digital assets first and is now creating a comprehensive regulatory framework for them.

He said that Pakistan has joined the world’s major digital asset markets. The country has reached the third position in the global crypto adoption ranking. Pakistan will play a full role in the policy-making and regulatory process to ensure its effective presence in the new formation of the global financial system.