KARACHI: Pakistan’s Minister of State for Crypto and Blockchain, Bilal Bin Saqib, has met New York City Mayor Eric Adams, in a “key step” toward building “direct collaboration” between the crypto councils of Pakistan and New York, Saqib’s office said in a statement on Friday. 

The minister, who is also the CEO of the Pakistan Crypto Council (PCC), has been on a visit to the United States since last month, where he has met over a dozen key US government officials and lawmakers to strengthen cooperation in the areas of digital assets, blockchain regulation, and financial innovation.

Pakistan set up the PCC in March to create a legal framework for cryptocurrency trading in a bid to lure international investment. In April, Pakistan introduced its first-ever policy framework to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan. The policy has been formulated to align with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF).

Last month, the government also approved setting up the Pakistan Virtual Assets Regulatory Authority (PVARA), a specialized regulatory body to oversee blockchain-based financial infrastructure. Saqib last week also unveiled the country’s first government-led strategic bitcoin reserve at the Bitcoin 2025 conference in Las Vegas.

“Both New York City and Pakistan have taken bold steps by establishing dedicated Crypto Councils to support the responsible growth of the digital economy,” a statement from Saqib’s office said after he met Adams.

“This meeting marked a key step toward building direct collaboration between the New York Crypto Council and the Pakistan Crypto Council— two government-backed bodies committed to shaping the future of Web3.”

Adams and Saqib explored opportunities to co-develop knowledge-sharing initiatives, capacity-building programs, and strategic advisory efforts to foster innovation and also discussed regulatory compliance. 

“This event marked the final stop on Minister Saqib’s official US tour focused on blockchain innovation, public-private partnerships, and advancing global crypto collaboration. The meeting at Gracie Mansion offered a fitting conclusion— highlighting New York City’s pivotal role in global tech leadership and Pakistan’s emergence as a bold new voice in the digital asset space,” the statement said. 

Late last month, Pakistan announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power bitcoin mining and artificial intelligence data centers. The allocation is the first phase of a broader, multi-stage digital infrastructure roll-out.

On Thursday, Pakistan’s Finance Minister Muhammad Aurangzeb chaired a meeting at the Finance Division to review progress on the development of a comprehensive regulatory framework for digital and virtual assets in the country. 

The law ministry tabled a draft of the proposed legal framework during the meeting, which was developed through close collaboration with members of the PCC, key stakeholders and technical experts.

“During the meeting, the draft was thoroughly reviewed and refined,” the Finance Division said. “It was collectively agreed that in-principle approval process will be fast-tracked to ensure timely enactment and effective implementation.”

The draft legislation outlines a regulatory structure for digital and virtual assets, encompassing governance mechanisms, licensing protocols and investor protection provisions, the statement said. The proposed framework seeks to position Pakistan as a forward-looking participant in the digital asset ecosystem, the statement added.

ISLAMABAD: The government of Pakistan on Friday “unequivocally” condemned airstrikes by Israeli forces on Beirut’s suburbs and parts of southern Lebanon on the eve of the Eid Al-Adha religious holiday, the foreign office said. 

Israeli air strikes pummelled the southern suburbs of Lebanon’s capital late on Thursday, sending thousands of people fleeing on the eve of the Muslim feast day and prompting accusations by top Lebanese officials that Israel was violating a ceasefire deal.

At least 10 strikes hit Beirut’s southern suburbs — a sprawling area known as Dahiyeh — in a wave of bombing that began about 90 minutes after the Israeli military issued evacuation warnings for four sites in the area.

It was the fourth time that Dahiyeh has been bombed since a US-brokered truce in November ended a year-long war between Israel and Iran-backed Lebanese armed movement Hezbollah.

“These attacks, launched on the eve of Eid Al-Adha, constitute a blatant violation of international law, sovereignty of Lebanon, and the ceasefire agreement of November 2024,” the Pakistani foreign office said. 

“The reckless use of force threatens civilian lives, fuels regional instability, and undermines efforts for lasting peace.” 

Pakistan urged the international community, particularly the United Nations and ceasefire mediators, to take “immediate action to hold Israeli occupying forces accountable and prevent further escalation.”

The Israel-Hezbollah ceasefire says Hezbollah must pull all military equipment and fighters out of southern Lebanon and says all non-state militant groups must be disarmed across the country.

The Israeli military said on Thursday it was planning to strike “underground UAV production infrastructure sites that were deliberately established in the heart of the civilian population” in Dahiyeh.

It said Hezbollah was producing thousands of drones there, “with the direction and funding of Iranian terrorists.”

There was no immediate comment from Hezbollah, which in the past has denied placing military infrastructure in civilian areas.

Israeli strikes also hit the southern Lebanese village of Ain Qana, according to Lebanese state media, shortly after evacuation warnings were issued for the area.

The attacks occurred as the Muslim holiday Eid Al-Adha was due to begin on Thursday. The strikes “generated renewed panic and fear on the eve of Eid Al-Adha,” the Office of the United Nations Special Coordinator for Lebanon said on X.

Lebanese President Joseph Aoun and Prime Minister Nawaf Salam both condemned the attacks as a “blatant violation” of international agreements.

With inputs from Reuters