Bilal Bin Saqib, Special Assistant to the Prime Minister (SAPM) of Pakistan on Crypto and Blockchain, recently held a noteworthy meeting in New York with Errol Musk, father of tech billionaire Elon Musk, signaling Pakistan’s intensifying engagement in the global digital finance arena.
Saqib shared a photograph of the encounter on social platform X, capturing Errol Musk offering a warm handshake. The image quickly attracted attention as blockchain and digital assets increasingly dominate global financial discourse.
During the meeting, Errol Musk reportedly remarked, “The market has finally picked up. Let’s not ruin it.” Observers viewed the comment as a nod to the fragile yet promising state of global financial markets, emphasizing the need for responsible innovation and steady regulatory approaches in the rapidly evolving tech and finance sectors.
In his post, Saqib also underscored the importance of aligning global innovators and policymakers, writing: “The world wants Tesla and Trump in the same group chat for peace and progress.” His statement reflects a growing call for international collaboration to ensure stability and progress in emerging technologies.
The meeting comes as Pakistan actively works to solidify its role in the digital economy, particularly in areas of blockchain, virtual assets, and financial technology. Just a day prior, Saqib met with over a dozen U.S. lawmakers and government officials in Washington, aiming to deepen bilateral cooperation on digital asset regulation, blockchain frameworks, and financial innovation.
During these discussions, Saqib highlighted Pakistan’s recent initiatives, including the establishment of its Strategic Bitcoin Reserve, the drafting of a virtual asset regulatory framework, and the exploration of stablecoins to enhance remittance systems and broaden financial inclusion. The talks stressed the need for global coordination and the significant role emerging markets like Pakistan could play in shaping the future of the digital economy.
In a related move last week, Pakistan’s Ministry of Finance announced the allocation of 2,000 megawatts of electricity for Bitcoin mining and AI data centers. The ambitious initiative—led by the Pakistan Crypto Council (PCC), which Saqib also heads—seeks to leverage surplus energy capacity, create high-tech employment opportunities, and attract foreign investment as part of a broader national strategy to position Pakistan as a digital innovation hub.
Plans for the coming phases include the development of renewable-powered facilities, partnerships with international blockchain and AI companies, and the creation of specialized fintech and innovation hubs across the country.
However, despite these forward-looking developments, regulatory uncertainty remains. On Thursday, federal officials reiterated that cryptocurrencies are not recognized as legal tender in Pakistan. Federal Finance Secretary Imdad Ullah Bosal and State Bank of Pakistan (SBP) Executive Director Sohail Jawad emphasized during a meeting of the National Assembly Standing Committee on Finance that any dealings in cryptocurrencies remain prohibited under current law and are subject to investigation by the Financial Monitoring Unit (FMU) and the Federal Investigation Agency (FIA).
Bosal noted that while discussions on cryptocurrencies are underway, the matter remains in its infancy. “The work on cryptocurrencies is at a very, very preliminary stage,” he said. “Whenever the government decides to take it further, we would recommend first developing a comprehensive legal and regulatory framework.” He added that no such framework currently exists.
As debates continue at both domestic and international levels, Pakistan’s crypto sector stands at a pivotal crossroads—balancing innovation with regulatory caution, and global engagement with domestic policy constraints.
