Pakistan must act or risk missing digital future: Bilal Bin Saqib

Session featured Bilal Bin Saqib, Chairman of Pakistan Virtual Assets Regulatory Authority (PVARA) and Special Assistant to the Prime Minister, in conversation with Dr. Basit Shafiq, Associate Professor, SBASSE and Director of CeDAR

LAHORE: (UrduPoint/UrduPoint / Pakistan Point News-May 2^nd, 2026) At a session titled ‘Leadership Summit on Blockchain & Digital Assets – Technology and Policy’ held at LUMS by Centre for Digital Asset Research, policymakers and industry experts discussed Pakistan’s evolving digital asset landscape, with a strong emphasis on urgency, regulation, and technological transformation.

The session featured Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) and Special Assistant to the Prime Minister, in conversation with Dr. Basit Shafiq, Associate Professor, SBASSE and Director of CeDAR.

Saqib delivered a clear message: “the risk of inaction is far greater than the risk of action,” urging Pakistan to move decisively in adopting blockchain and digital asset technologies. He argued that countries that hesitate risk falling behind, especially as global financial systems rapidly evolve.

He said Pakistan already has nearly 40 million digital asset users operating largely outside formal systems, describing this as both a challenge and an opportunity. Bringing this activity into a regulated framework, he noted, would not only protect consumers but also unlock economic potential.

Saqib stressed that technological shifts are redefining global competitiveness. “It’s no longer just about land or traditional power,” he said, adding that technological sovereignty will increasingly determine a country’s future standing.

He highlighted that Pakistan has moved quickly to establish a regulatory authority for digital assets, positioning itself among countries shaping policy rather than merely adopting it.

According to him, this shift gives Pakistan “a seat at the table” in global financial and technological discussions.

The discussion also focused on modernising financial systems. Saqib pointed out that Pakistan’s remittance infrastructure remains outdated and could be significantly improved through blockchain-based solutions such as stablecoins, enabling faster and more efficient transactions.

He further emphasised the potential of asset tokenisation, noting that it could democratise investment by allowing individuals to access real estate and other assets with smaller amounts of capital. This, he said, could expand financial inclusion and create new avenues for wealth generation.

Addressing concerns about rapid policy development, Saqib maintained that controlled experimentation through regulatory sandboxes allows innovation while managing risks. He reiterated that delaying progress would be more damaging than moving forward with caution.

He also underscored the importance of Pakistan’s youth, noting that a large proportion of digital asset users are under 40. With the right policies, he said, the country could harness this demographic advantage to build globally competitive technology ventures.

However, he identified a shortage of skilled human capital in blockchain and related fields as a key challenge, calling for greater focus on education and capacity building.

In his concluding remarks, Saqib urged collaboration between regulators, financial institutions, and academia, stressing that Pakistan’s ability to capitalise on this opportunity depends on collective action and continuous learning.