Pakistan has announced its commitment to a strategic Bitcoin reserve, marking a significant shift towards embracing digital assets. The initiative, led by the government and supported by the newly established Pakistan Crypto Council, aims to solidify a long-term portfolio of Bitcoin.
Bilal Bin Saqib, head of the Pakistan Crypto Council, revealed that the government will establish a national Bitcoin wallet to securely hold these reserves. His statement emphasized that this approach is driven by a strategic vision rather than short-term market speculation and that the government has pledged to never sell its acquired Bitcoin.
Pakistan’s decision follows closely on the heels of the United States’ similar initiative, demonstrating a global trend towards adopting blockchain-based financial infrastructure. The country plans to acquire and maintain Bitcoin reserves, with details regarding acquisition methods still under review. The initiative comes alongside a broader effort to integrate blockchain technology across Pakistan’s public and economic sectors.
In addition to acquiring Bitcoin, the government is exploring the potential of using surplus electricity for Bitcoin mining operations and AI data centers. This strategy aims to generate revenue, create jobs, and attract foreign investments while modernizing the power sector.
The Pakistan Digital Assets Authority (PDAA), a regulatory body created under the Ministry of Finance, will oversee this digital asset sector. Its responsibilities include licensing, monitoring, and regulating crypto exchanges, custodians, tokenization platforms, and related services. This initiative is crucial in establishing Pakistan as a leader in financial innovation.
The PDAA’s role extends beyond market oversight to exploring the potential of tokenizing government assets, enabling blockchain-based debt issuance, and developing decentralized finance infrastructure. This aligns with Saqib’s efforts through the Pakistan Crypto Council, which has collaborated with international blockchain experts including Binance co-founder Changpeng Zhao for strategic guidance on regulatory framework development.