Today, Pakistan is on track to become one of the biggest movers and shakers in the cryptocurrency industry. The country intends to use this Bitcoin reserve in decentralized finance (DeFi) to earn passive income. Headlining this effort is Bilal Bin Saqib, Pakistan’s crypto minister, and CEO of the Pakistan Crypto Council. His vision is to make Pakistan a leader in digital assets among emerging economies. This new decision, which comes on the heels of several high-profile meetings and endorsements, indicates substantial political will to be crypto-friendly.
The announcement of adopting a Bitcoin reserve and using DeFi platforms is a significant move from Pakistan to take the lead. Bilal Bin Saqib's leadership and vision are central to this development, reflecting a broader effort to integrate digital assets into the nation's financial strategy. With increasing support from key figures and organizations, Pakistan is poised to leverage the potential of Bitcoin and DeFi to drive economic growth and innovation.
Key Meetings and Endorsements
Bilal Bin Saqib’s trip and the warm reception he received are further evidence of Pakistan’s embrace of the future of cryptocurrency. This past June, Saqib was fortunate enough to meet Robert “Bo” Hines in the White House. Hines is the principal executive director of US President Donald Trump’s Council on Digital Assets. This meeting highlights the increasing global awareness of Pakistan’s initiatives in the crypto sector.
Only days before his visit to the White House, Saqib spoke at a big crypto conference in Las Vegas. This successful event was a testament to his commitment to engaging with the global crypto community. These strategic engagements are part of a focused outreach strategy to advance relationship-building and accumulate knowledge from industry leaders.
Saqib supercharged these efforts by organizing a Zoom call in June. He convened Michael Saylor, the executive chairman of MicroStrategy, and Muhammad Aurangzeb, Pakistan’s Finance Minister. During the call, they extended an invitation to Saylor to serve as an advisor for Pakistan's newly adopted Strategic Bitcoin Reserve, highlighting the country's ambition to leverage expert knowledge in its crypto initiatives.
"It was great. He’s a man of conviction, great for the space, and great for Bitcoin." - Bilal Bin Saqib
Strategic Bitcoin Reserve and DeFi Integration
Onstage at the Bitcoin 2024 conference in Nashville, Pakistan’s Bilal Bin Saqib made a historic announcement — his country would soon create a Bitcoin Reserve. This announcement marked an immense long term commitment to bringing Bitcoin into the core of the country’s financial infrastructure. Using this reserve by deploying it in different DeFi platforms is the most groundbreaking and effective approach to earn yield. It really is the best way to leverage the power of digital assets.
"We will put our Bitcoin on DeFi so we can earn yield on them." - Bilal Bin Saqib
This strategy aims to generate passive income from Pakistan's Bitcoin holdings, potentially boosting the country's financial resources. By engaging with DeFi, Pakistan can position itself at the forefront of economic development and financial innovation.
This is crucial and political will has been very important to creating the momentum that we have today, says Bilal Bin Saqib. For Saqib, there is a strong wave of ambition behind making Pakistan an emerging economy leader in the digital asset space.
"All of this has been put together because there is a lot of political will to push this through and to make sure that Pakistan leads when it comes to digital assets in emerging economies." - Bilal Bin Saqib
Bilal Bin Saqib's Leadership and Vision
Bilal Bin Saqib's journey in the crypto world began eight years ago with the launch of Web3Pak, Pakistan's largest crypto community. His energy and technical proficiency earned him a role as the Prime Minister Shehbaz Sharif’s special assistant on cryptocurrency and blockchain. In March, Saqib took on the CEO role of Pakistan's Crypto Council, further solidifying his position as a key figure in the country's crypto landscape. He earned a well-deserved promotion in May, an indication of his continued impact and success.
"It became like a single window operation to accelerate crypto in Pakistan because there was work being done in different silos." - Bilal Bin Saqib
"We wanted to bring everything under one window operation." - Bilal Bin Saqib
Thanks to Saqib’s advocacy, Pakistan’s crypto missions have become more focused and soldiers, leading to a more organized and efficient push toward adopting digital assets. His leadership is crucial in continuing to move the country’s favorable crypto agenda forward.
Bilal Bin Saqib is a founding member of Ark Summit, an independent think tank that seeks to educate and involve political leaders with cryptocurrency. Most importantly, he focuses the discussion on the need to educate lawmakers — and all people in power — of digital assets’ limitless potential.
"I think the only problem is that people in power, because of their age, have not really interacted with this ecosystem, and hence why they are too distant." - Bilal Bin Saqib
He has advice for all the young crypto activists out there looking to push for crypto adoption. He calls on them to advocate, plead, and lobby their own governments’ political leaders.
"The youth in other countries should definitely canvas, lobby, and pressure their decision makers to believe that this is the future of finance, and they should make sure that they are not left behind." - Bilal Bin Saqib
In 2023, Bilal Bin Saqib was honored with an MBE (Member of the Order of the British Empire) for his work on the One Million Meals initiative in the UK during COVID-19, showcasing his commitment to public service beyond the realm of cryptocurrency.
