Pakistan's Minister of State for Crypto & Blockchain Unveils Bitcoin Sign at United Nations

Pakistan's Minister of State for Crypto & Blockchain, Bilal Bin Saqib, publicly displayed a Bitcoin sign at the United Nations, signaling the nation's growing engagement with digital assets. The gesture, captured in a photograph shared by CoinDesk, comes amidst Pakistan's complex and evolving regulatory landscape for cryptocurrencies, which has seen both a push for regulation and continued official warnings against their use.

The public display at the UN follows significant domestic developments in Pakistan's approach to digital currencies. In March 2025, the government established the Pakistan Crypto Council (PCC) to integrate blockchain technology and digital assets into the national financial system. This initiative was further bolstered by the formation of the Pakistan Virtual Assets Regulatory Authority (PVARA) in July 2025, tasked with licensing and overseeing virtual asset service providers.

Despite these moves towards formal regulation, the State Bank of Pakistan (SBP) and the Ministry of Finance (MoF) have repeatedly reiterated that cryptocurrency transactions remain illegal in the country. As recently as May 2025, officials clarified that a formal legal framework would only come into effect with parliamentary approval, which is yet to be granted. This has created a contradictory environment where official bodies are formed to regulate an asset class that is still technically banned.

At the Bitcoin Vegas 2025 conference, Minister Saqib also announced plans for a state-backed Strategic Bitcoin Reserve and an allocation of 2,000 megawatts of surplus electricity for crypto mining and AI data centers. This initiative aims to attract foreign investment and position Pakistan as a hub for digital innovation. However, economists have raised concerns regarding the speculative nature of sovereign crypto holdings and the rationale behind potential electricity subsidies for mining operations.

Analysts estimate Pakistan's crypto market serves approximately 40 million users, with an annual trading volume nearing $300 billion, making it one of the largest unregulated markets globally. The government's efforts, including the appointment of Binance founder Changpeng Zhao as an adviser to the PCC, aim to bring these activities under international regulatory standards and curb illicit financial flows, while promoting growth in the fintech sector.