Hong Kong (Commerce Desk) — Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority Bilal Bin Saqib has said that Pakistan is ready to adapt to modern technology and the requirements of the future digital economy.
Addressing the Bitcoin Asia Conference in Hong Kong, he said Pakistan is moving rapidly to understand the changes taking place in the modern financial and technology sectors and to enhance its capabilities.
According to Bilal Bin Saqib, Pakistan established a regulatory framework for virtual assets in less than six months, using only 8 percent of the allocated budget.
He said that establishing and activating the new system cost approximately $200,000, while around 92 percent of the approved budget remained unspent.
The Minister of State clarified that the purpose of Pakistan’s Bitcoin Strategic Reserve is not to purchase Bitcoin in large quantities, but to prepare the country for the future financial system and emerging economic realities.