KARACHI: Minister of State for Crypto and Blockchain and Special Assistant to the Prime Minister on Blockchain and Crypto Bilal Bin Saqib has said the country is not aiming to “catch up” but to lead on digital assets and innovation.

“We came to learn, to listen and to contribute,” Saqib said following meetings with US senators and White House officials in Washington, United States, said a statement on Thursday. “Pakistan is actively studying how global leaders are approaching regulation, innovation, and financial inclusion — not to copy, but to adapt the best ideas for our own unique landscape,” he added

The minister’s visit included discussions with Senator Cynthia Lummis, co-author of major crypto legislation in the US, as well as Senators Bill Hagerty, Rick Scott, Tim Sheehy and Jim Justice -- several of whom support designating Bitcoin as a strategic reserve asset. Meetings were also held with Representatives Troy Downing, Ryan Zinke, Rick McCormick and Derrick Van Orden, all involved in shaping digital asset policy. Saqib highlighted Pakistan’s recent steps to establish a strategic Bitcoin reserve, its developing regulatory framework for virtual assets, and proposals to use stablecoins to improve remittances and financial inclusion.

“To sit at the table with those writing the future of finance is a responsibility and a signal: Pakistan is not waiting to catch up -- we are here to lead,” he said. “From Capitol Hill to the White House, I shared a new face of Pakistan -- one driven by its youth, powered by innovation, and ready to build global alliances for digital progress.”As Saqib engaged with the movers and shakers of the crypto ecosystem, Pakistan Crypto Council (PCC) officials back home held a high-level meeting to review progress on the development of a comprehensive regulatory framework for digital and virtual assets in Pakistan on Thursday. Finance Minister Muhammad Aurangzeb chaired the meeting.

The session, held at the Finance Division, was attended by key stakeholders including the governor of the State Bank, heads of the Securities and Exchange Commission of Pakistan (SECP), and secretaries from the law and IT ministries. Saqib, who is also the CEO of PCC, joined the meeting virtually.

The Ministry of Law and Justice presented a draft bill aimed at regulating digital and virtual assets. Developed in coordination with the PCC and technical experts, the proposed legislation sets out governance standards, licensing requirements, and investor protection protocols. The framework aligns with international best practices to ensure Pakistan remains competitive in the evolving global digital asset space.

Aurangzeb welcomed the collaborative progress and emphasised the need to expedite final approvals to provide regulatory clarity and unlock blockchain’s economic potential.

Participants agreed to fast-track in-principle approval of the draft to enable timely implementation of the legal framework.

Last month, Pakistan announced its first-ever government-supported Bitcoin reserve at the Bitcoin 2025 Conference in Las Vegas, US. The move created confusion among policymakers who raised concerns over the legal status of cryptocurrencies. The SBP then clarified that it had advised its regulated entities to refrain from engaging in virtual assets (VAs) owing to the lack of a legal and regulatory framework for such assets, not because they were illegal.

While there is scepticism over the government’s crypto goals among certain quarters, tech experts are of the opinion that establishing a national Bitcoin reserve could serve as a strategic signal of Pakistan’s alignment with global digital finance trends, particularly among Western tech and financial circles.