Bilal bin Saqib, head of Pakistan’s newly established Virtual Assets Regulatory Authority (PVARA), has faced backlash after suggesting citizens ‘watch videos’ to learn how to buy Bitcoin, raising concerns over public exposure to unregulated crypto markets.
“I am not a financial advisor, but if you still want to buy Bitcoins, there are multiple videos through which 30-40 million people have started buying digital assets. So, you should go in the same way,” Saqib said in a recent interview with a private news channel.
His comments quickly drew criticism on social media, with many questioning the guidance from the country’s top digital assets regulator.
Despite the controversy, Saqib urged Pakistan to look beyond conventional approaches. “Not just this, I think Pakistan should start preparing for 2050, because everything that we know and understand is being redefined. We have to get out of this conventional wisdom and focus on the knowledge of emerging technologies,” he said.
He highlighted areas such as digital assets, artificial intelligence, drones, robotics, and quantum computing as key sectors likely to redefine national sovereignty in the coming decades.
In a separate development, Pakistan has taken its first formal step towards blockchain-based financial innovation. The Ministry of Finance recently signed a Memorandum of Understanding (MoU) with Binance Investments Co., Ltd, one of the world’s leading blockchain and digital asset companies.
The agreement, signed at the Finance Division by Federal Minister for Finance and Revenue Muhammad Aurangzeb and Binance CEO Richard Teng, in the presence of Changpeng Zhao (CZ), Adviser to the Pakistan Crypto Council, outlines a framework for potential collaboration on the tokenisation and blockchain-based distribution of Pakistan’s sovereign and real-world assets.
Subject to regulatory approvals, the initiative could involve assets worth up to $2 billion, including government bonds, treasury bills, commodity reserves, and other federally owned assets. Officials say the project aims to improve liquidity, transparency, and international market access for Pakistan’s assets.
While the move marks a significant step towards modernising Pakistan’s financial sector, critics say careful regulation and public awareness are crucial to prevent risks in a country where millions remain vulnerable to unregulated peer-to-peer crypto trading.
