ISLAMABAD: Bilal Bin Saqib, Chairman of Pakistan Virtual Assets Regulatory Authority (PVARA) has announced that cryptocurrency mining operations will be starting in the country in upcoming weeks.
Saqib, in an interview with a media outlet said that mining hardware can be installed directly at power plants to utilise surplus electricity.
The initial phase of crypto mining will be rolled out soon according to him. The public concerns will be addressed later. According to Saqib this initiative will improve nation’s economic prospects as it will allow Pakistan to transform excess power into dollar based revenue.
A 2025 analytical report was referenced by Saqib which places Pakistan at third globally in cryptocurrency related activity. He referenced the State Bank of Pakistan’s 2018 directives on cryptocurrency transactions. He attributed that past restrictions were mainly due to absence of a regulatory framework.
Saqib said the gap has led to the creation of a dedicated regulatory body. A licensing system for cryptocurrency activities is now being advanced by PVARA.
Saqib compared cryptocurrencies to technologies like quantum computing or robotics. These technologies were not outright banned but regulated over time. Bilal Bin Saqib suggest a similar regulatory strategy for cryptocurrency.
He also added that PVARA will be developing regulations for blockchains tied to cryptocurrencies. If such regulations are not formulated it can heighten the risk of Pakistan re-entering the Financial Action Task Force (FATF) grey list.
According to Saqib the cryptocurrency trend in Pakistan is mainly due to the youth. Who are looking for new opportunities and gearing up to new technologies. He urged that the government should provide the young people with new opportunities.
Saqib further gave the example of Singapore’s government-backed security token. According to Bilal Bin Saqib, Pakistan could similarly tap capital markets for funding. This will reduce dependence on institutions like IMF.
