Pakistan ready for future technology, digital economy: Bilal

Bilal Bin Saqib, who is Minister of State and chairs the Pakistan Virtual Assets Regulatory Authority, told the Bitcoin Asia Conference in Hong Kong that Pakistan can keep pace with coming technology and a digital economy. According to Business Recorder, he said Pakistan is moving to understand new financial and technology developments and reinforce its abilities. He added that a framework governing virtual assets was created in under six months.

The minister put the cost of building and running the framework at roughly $200,000. Most of the budget, close to 92 per cent, was left untouched.

He stressed that the reserve is not meant for large-scale Bitcoin buying. Its real aim, he argued, is readiness for the financial order that lies ahead.