Markets Daily Crypto Roundup: Pakistan Joins Crypto Race With Bitcoin Strategy

Host: CoinDesk
Guest: Bilal bin Saqib, CEO of Pakistan's Crypto Council
Release Date: March 26, 2025

Introduction

In the latest episode of Markets Daily Crypto Roundup, hosted by CoinDesk, the spotlight shifts to Pakistan's burgeoning role in the global cryptocurrency landscape. Titled "Pakistan Joins Crypto Race With Bitcoin Strategy," the episode delves into the nation's strategic initiatives to embrace digital assets, foster innovation, and position itself as a significant player in the crypto and blockchain sectors. The conversation is anchored by Bilal bin Saqib, the newly appointed CEO of Pakistan's Crypto Council.

Pakistan's Evolving Stance on Cryptocurrency

[01:20] Host:
"Pakistan has created a crypto council to begin exploring digital asset innovation in the country. Will they launch a bitcoin strategic reserve? And how are they planning to use excess energy to attract bitcoin miners?"

[01:42] Bilal bin Saqib:
"The idea came from a simple realization that innovation is happening and you know you can't stop it... We are inspired by the pace of adoption across our youth in this country, the volume of crypto-related activity despite having no policy clarity."

Bilal explains that Pakistan's shift towards a more favorable stance on cryptocurrency stems from recognizing the unstoppable wave of digital innovation. The establishment of the Crypto Council aims to unify stakeholders, provide clear direction, and represent Pakistan on the global stage.

Driving Forces: Youth and Digital Savviness

[03:19] Host:
"What do you think is driving youth in Pakistan towards exploring digital assets?"

[03:27] Bilal bin Saqib:
"The average age in Pakistan is under 24, 70%, 67% of the country's under the age of 30... Our youth are digitally native, they are hungry to learn and they are already playing a massive role in the global freelancer market."

Pakistan boasts a youthful population, with a significant majority under the age of 30. This demographic advantage fuels a strong appetite for digital assets and blockchain technology, supported by Pakistan's robust presence in the global freelancing and gaming sectors.

International Collaborations and Learning from Global Leaders

[04:13] Host:
"Are there any countries you're watching in particular that have inspired what the Crypto Council wants to do within your borders?"

[04:36] Bilal bin Saqib:
"Our PCC has engaged with Malaysia, Nigeria, and others... We are actively inviting global companies to explore opportunities here in Pakistan."

Pakistan's Crypto Council is in its nascent stages, already fostering partnerships with nations like Malaysia and Nigeria to build capacity and share knowledge. The Council is keen on leveraging Pakistan's surplus renewable energy to attract bitcoin miners and AI data centers, aiming to create a vibrant digital infrastructure ecosystem.

Strategic Bitcoin Reserves and U.S. Influence

[06:06] Host:
"President Trump recently signed a strategic bitcoin reserve in the United States. How closely are you watching developments in the United States?"

[06:42] Bilal bin Saqib:
"We are following that very closely because we want to see what are the superpowers of the world doing and how can we learn from that and create our own strategy."

Bilal emphasizes the importance of observing and learning from major economies like the United States, which has recently established a strategic bitcoin reserve. He views such moves as indicators of the global shift towards integrating blockchain technologies into national strategies.

Harnessing Excess Energy for Bitcoin Mining and AI

[09:20] Host:
"How do you compete with other countries that are offering excess energy for bitcoin miners and AI data centers?"

[09:43] Bilal bin Saqib:
"We already have a lot of excess electricity... We can offer competitive energy rates, which is part of a broader plan to attract foreign investment and boost our foreign reserves."

Pakistan's strategic advantage lies in its abundant surplus electricity and untapped renewable energy resources. By providing competitive energy rates without the need for additional infrastructure investment, Pakistan positions itself as an attractive destination for bitcoin miners and AI data centers, fostering economic growth and technological advancement.

Enhancing Remittances and Financial Inclusion through Crypto

[10:36] Host:
"How is the government looking at implementing crypto to enhance the efficiency of sending and receiving remittances from Pakistan to the globe?"

[10:58] Bilal bin Saqib:
"We are still in the discovery phase... We are open for potential partners to come and pitch us."

The Crypto Council is exploring how blockchain technology can streamline remittances, which are a significant component of Pakistan's economy, totaling over $30 billion annually. By leveraging crypto rails, the Council aims to reduce fees and accelerate transfer speeds, although concrete plans are still under development.

Regional Collaboration: Beyond Competition with India

[12:37] Host:
"Are you viewing the developments in India as competition or collaboration?"

[12:37] Bilal bin Saqib:
"We are not looking at it from a competition point of view. For us, it's more of a collaborative effort... We want to listen, we want to learn."

Acknowledging the substantial overlap and potential synergies, Pakistan seeks collaboration rather than competition with neighboring countries like India and Bangladesh. By fostering regional cooperation, Pakistan aims to harness the collective digital savvy of the South Asian youth to drive blockchain and crypto innovations.

Vision for Pakistan as a Web3 Hub

[14:53] Host:
"How do you envision Pakistan as a Web3 Center?"

[15:36] Bilal bin Saqib:
"We have three key transformations: Financial inclusion, remittances, and global investment... Pakistan has a chance to go from a passive consumer of technology to really be an active architect of this new technology."

Bilal outlines a comprehensive five-year plan focusing on:

1. Financial Inclusion: Providing banking access to over 100 million unbanked Pakistanis through decentralized wallets.
2. Remittances: Utilizing crypto to lower fees and speed up global money transfers.
3. Global Investment: Establishing clear crypto regulations to attract Web3 capital and fostering a vibrant freelancer market skilled in blockchain technologies.

Pakistan aims to transition into an active creator of Web3 innovations, supported by its large pool of IT graduates and a dynamic freelancing sector.

Anticipating Challenges and Navigating Obstacles

[17:33] Host:
"Do you anticipate pushback from intermediaries or banks with the introduction of crypto-based remittances?"

[18:06] Bilal bin Saqib:
"Every major technological shift looked risky in early days... We have to be agile enough to navigate ourselves and we want to learn from others."

Bilal acknowledges potential resistance from traditional financial institutions but remains optimistic. Drawing parallels to past technological shifts like the internet and mobile phones, he believes that perseverance, agility, and learning from global counterparts will enable Pakistan to overcome obstacles and fully leverage blockchain and crypto benefits.

Conclusion

Bilal bin Saqib's insights paint a promising picture of Pakistan's strategic foray into the crypto and blockchain domains. By capitalizing on its youthful population, surplus energy resources, and collaborative international engagements, Pakistan is poised to become a significant player in the global digital asset arena. The establishment of the Crypto Council marks the beginning of a transformative journey towards financial inclusion, efficient remittances, and attracting global Web3 investments. As Pakistan navigates the challenges ahead, its proactive approach and willingness to learn from global leaders position it well for sustained growth and innovation in the cryptocurrency space.

This episode highlights the dynamic shifts occurring within Pakistan's approach to cryptocurrency, underscoring the nation's potential to harness digital innovations for economic and technological advancement.