Bilal Bin Saqib, CEO of the Pakistan Crypto Council and Chief Advisor to the Finance Minister, stated at the Bitcoin Mina Conference that Bitcoin is not merely a speculative asset but a practical solution to the economic challenges faced by millions of Pakistanis. He emphasized that Bitcoin has become a necessity rather than just a concept in Pakistan. The national currency has lost over half its value in recent years, diminishing the purchasing power of ordinary citizens. In this context, people seek ways to protect their money from political decisions, currency printing, and inflation rather than financial theories. According to Bin Saqib, Bitcoin offers a safeguard that traditional financial systems cannot provide.
With over ten million Pakistanis excluded from the banking system, many have never had access to conventional financial services. Bitcoin grants them financial identity without the need for permissions or documentation, potentially offering young people their first opportunity for financial autonomy. Additionally, Pakistan’s large freelancing sector often faces costly and delayed international payments. Bitcoin and blockchain-based payment systems address these issues, connecting Pakistani workers directly to the global economy.
Bin Saqib explained that Pakistan is moving away from outdated economic models to establish a new financial system where Bitcoin and digital assets are viewed not only as investments but as fundamental infrastructure. The government has developed a regulatory framework for cryptocurrencies, including proposed licensing and pilot projects to protect businesses and reduce illicit activities. In the energy sector, Bitcoin mining is seen as a positive solution amid both electricity shortages and surpluses. Through mining and artificial intelligence, unused energy can be converted into productive output, fostering industrial growth in Pakistan.
The next wave of Bitcoin adoption in Pakistan is expected to come from developing countries facing greater economic challenges and broader opportunities. This financial revolution could secure Pakistan a stronger position in the global financial system.
Source: bitcoinmagazine
