ISLAMABAD: Pakistan is planning to adopt cryptocurrency as a “strategic asset” to bring about a digital financial revolution, an adviser to the Pakistani finance minister said this week, after Islamabad signaled its intent to formalize digital asset regulations.
Pakistan’s finance division said last month that it was mulling a national crypto council to establish a financial ecosystem in the country that would allow safe investments in digital assets.
This month, the finance division announced the appointment of Bilal bin Saqib, a Forbes-recognized entrepreneur and Web3 investor, as chief adviser to the finance minister for the Pakistan Crypto Council.
“The Pakistan Crypto Council recognizes Pakistan’s strong position as one of the top 10 nations globally in crypto adoption,” Saqib said on X.
“Moving forward, it will be our priority to recognize crypto as a strategic asset, develop comprehensive and forward-thinking regulatory frameworks, and ensure compliance to position Pakistan as a leader in the digital financial revolution.”
Pakistan’s central bank previously declared virtual currencies, including Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin and Pay Diamond, illegal and prohibited their sale, purchase and exchange in trading.
The country currently has over 20 million active users in the digital asset market who face significant challenges, including high transaction fees, according to the finance division.
Saqib noted that the United States (US) had just made a “historic” move to establish a Bitcoin Strategic Reserve, which marked a pivotal moment for the global economy.
“It signals a shift in how nations perceive value, moving beyond traditional assets like gold and oil to embrace the digital future,” he said.
“For the world, this decision brings greater legitimacy to crypto as a store of value, accelerates institutional adoption, and strengthens the foundation of the digital economy. It also sets a precedent for other nations to follow, reshaping the future of global finance.”
Last month, Pakistan’s Finance Minister Muhammad Aurangzeb directed stakeholders to formulate a comprehensive framework for a digital asset ecosystem that ensures security, transparency, regulatory compliance and economic viability. He was presiding over a high-level meeting to discuss global evolution of cryptocurrency and potential impact of digital assets on Pakistan’s economy.
“This crypto council will oversee policy development, address regulatory challenges, and ensure that Pakistan’s digital asset ecosystem evolves in a secure, compliant, and sustainable manner,” the finance division said after the meeting on Feb 25.
“The Council will also collaborate with friendly countries to develop standardized frameworks for international digital economic engagement.”
Pakistan plans to adopt cryptocurrency as ‘strategic asset,’ adviser says
https://arab.news/5zqdv
Pakistan plans to adopt cryptocurrency as ‘strategic asset,’ adviser says
- Pakistan has over 20 million active users in the digital asset market who face significant challenges, including high transaction fees
- Last month, Islamabad announced its plans to set up a national crypto council to establish a digital financial ecosystem in the country
Pakistan deputy PM to visit China tomorrow to discuss ‘evolving regional situation’
- The development comes amid a truce between Pakistan, India after a four-day military conflict that killed around 70 people this month
- India is as a key partner by the West as a counter-balance to China, while Pakistan shares an ‘all-weather partnership’ with Beijing
ISLAMABAD: Pakistan’s deputy prime minister and foreign minister, Ishaq Dar, will be visiting China on May 19-21 to discuss “evolving regional situation in South Asia,” the Pakistani foreign office said on Sunday.
The development comes amid a ceasefire between Pakistan and India after a four-day military conflict between the nuclear-armed neighbors this month that saw the use of fighter jets, missiles, drones and artillery against the other, leaving around 70 people, including civilians, dead on both sides of the border.
In recent years, India has been seen as an important partner by Western powers as a counter-balance to China’s rising influence, while the relationship between Pakistan and Beijing has strengthened further, particularly over the last decade, with China rolling over loans and investing in multi-billion-dollar infrastructure projects in Pakistan.
During his visit, Dar will hold in-depth discussions with Foreign Minister Wang Yi on the evolving situation and its “implications for peace and stability” in South Asia, according to the Pakistani foreign ministry.
“The two sides will also review the entire spectrum of Pakistan-China bilateral relations and exchange views on regional and global developments of mutual interest,” it said in a statement.
This month’s military conflict between India and Pakistan was triggered by an attack by gunmen on tourists in Indian-administered Kashmir’s Pahalgam town, which killed 26 people on April 22. India blamed the attack on Pakistan. Islamabad denies the charge and has called for a credible, international probe into it.
Bitter rivals India and Pakistan have fought three wars, including two over the disputed region of Kashmir, since gaining independence from British rule in 1947. Both claim the Himalayan territory in its entirety but rule it in part.
Analysts and diplomats have long feared that a conflict between the arch-foes could escalate into the use of nuclear weapons, in one of the world’s most dangerous and most populated nuclear flashpoint regions.
China, which borders both Pakistan and India, this month urged the arch-foes to exercise restraint, like the rest of the major world powers.
“The visit forms part of the ongoing high-level exchanges between Pakistan and China. It also underscores the two countries’ shared commitment to further strengthen the All-Weather Strategic Cooperative Partnership,” the Pakistani foreign ministry said.
WWF opposes move to transfer snow leopards from Pakistan to Moscow
- WWF-Pakistan says opposed transfer of two snow leopards from Gilgit-Baltistan to Moscow Zoo in Russia
- Says transferring snow leopards would contradict national and international conservation commitments
ISLAMABAD: The World Wide Fund for Nature (WWF) Pakistan this week said it strongly opposes a proposed move to transfer endangered snow leopards from northern Pakistan to Moscow in Russia, calling on the government to strengthen its rehabilitation center for the animals.
Various studies indicate that as the snow leopard is an elusive animal, hence it is difficult to record its exact population in the distribution range across Central and South Asia. However, in 2020 WWF research indicated that fewer than 7,000 snow leopards remain globally, of which approximately 200 to 420 individuals inhabit the northern mountain ranges of Pakistan including the Gilgit-Baltistan region, Khyber Pakhtunkhwa (KP), and Azad Jammu Kashmir (AJK).
In a press release issued on Saturday, WWF-Pakistan said it had written a letter to the climate change ministry saying that it opposed the proposed transfer of two snow leopards, currently at the Naltar Rescue and Rehabilitation Center in Gilgit-Baltistan, to the Moscow Zoo in Russia.
The WWF said it had stressed in the letter that transferring leopards to Russia would not only contradict national and international conservation commitments but also risk setting a “highly detrimental precedent” for the future transfer of threatened and iconic wildlife species from Pakistan.
“WWF-Pakistan expressed its deepest concern and opposition to the move and demanded that the proposed export of snow leopards be immediately canceled,” the non-government organization said.
“The organization also called for the reaffirmation of Pakistan’s commitment to the conservation of its iconic wildlife species and emphasized upholding the obligations under international agreements.”
It said that the snow leopard, listed as a threatened (vulnerable) species on the IUCN Red List for threatened species (2017), receives the highest level of legal protection under Pakistan’s national and provincial wildlife legislation.
This also extends to Gilgit-Baltistan and AJK, the statement added.
Additionally, it said the species is included in Appendix I of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), which strictly prohibits international trade except under exceptional and non-commercial circumstances.
“It further said there is no compelling conservation rationale for transferring these snow leopards to Russia, a country that already hosts a significantly larger wild population of the species,” WWF-Pakistan said.
The NGO recommended that instead of exporting the animals, Pakistan should demonstrate global leadership by reinforcing its commitment to protecting its remaining wild snow leopard populations.
“The organization also highlighted the risk that once the snow leopards are transferred, it would be difficult to monitor or ensure the well-being of these animals under Russian jurisdiction,” it added.
Hammad Naqi Khan, director general of WWF-Pakistan, said that the approval of this transfer would undermine decades of conservation progress and significantly damage Pakistan’s standing in the global conservation community.
“We need to uphold Pakistan’s obligations under international agreements such as CITES and the Convention on Migratory Species (CMS) by prioritizing the protection of vulnerable and critically endangered species within national borders,” Khan said.
Pakistan army warns of decades-long ‘consequences’ if India blocks Indus waters
- Pakistani military says it is committed to US-brokered ceasefire after recent cross-border strikes
- It warns of a high potential for renewed conflict if the core issue, Kashmir, remains unaddressed
RAWALPINDI, Pakistan: The Pakistani military warns that any Indian attempt to follow through on recent threats to cut Islamabad’s share of the Indus River water system would trigger consequences lasting for generations, as tensions between the nuclear-armed neighbors are running high.
New Delhi unilaterally suspended a decades-old water-sharing agreement with its nuclear-armed neighbor last month, as it blamed Pakistan for a deadly militant attack on tourists in Indian-administered Kashmir — Islamabad denied any involvement.
The incident was followed by days of cross-border fire as India launched on May 6 a series of strikes across the Line of Control — the de facto border that separates the Indian-controlled and Pakistani-controlled parts of the disputed Kashmir territory. It also hit other sites on the Pakistani mainland, targeting what it claimed were militant positions.
Pakistan retaliated with strikes on Indian military targets before a US-brokered ceasefire took effect on May 10. Despite the ceasefire, Indian Prime Minister Narendra Modi announced this week that his country would stop the water from flowing — a move Pakistan has earlier said was a direct threat to its survival and an act of war.
Brokered by the World Bank, the 1960 Indus Waters Treaty has withstood multiple Indian-Pakistani wars. If India weaponizes water and blocks the flow of an Indus River tributary — vital to Pakistan’s food security — its military says it will act.
“I hope that time doesn’t come, but it will be such actions that the world will see and the consequences of that we will fight for years and decades to come. Nobody dares stop water from Pakistan,” Lt. Gen. Ahmed Sharif Chaudhry, spokesperson of the Pakistan Armed Forces, told Arab News on Friday.
“It is some madman who can think that he can stop water of 240 million plus people of this country.”
India’s recent attacks have killed 40 civilians, including 22 women and children, according to Pakistan’s official figures. As Pakistan retaliated, it hit 26 Indian military targets. It stopped the retaliatory strikes as soon as the ceasefire was reached.
“Pakistan armed forces are a professional armed forces and we adhere to the commitments that we make, and we follow in letter and spirit the instructions of the political government and the commitments that they hold,” Chaudhry said.
“As far as Pakistan army is concerned, this ceasefire will hold easily and there have been confidence building measures in communication between both the sides.”
Both countries have already blamed each other for violating the ceasefire multiple times since it took effect.
“If any violation occurs, our response is always there ... but it is only directed at those posts and those positions from where the violations of the ceasefire happen. We never target the civilians. We never target any civil infrastructure,” Chaudhry said.
According to the Pakistani military, India has lost six airplanes and an S-400 air defense system — Russia’s most advanced surface to air missile system — in the four-day conflict. Among the downed warplanes were several French aircraft Rafale.
Earlier reports suggested India had lost five fighter jets, but Pakistan’s prime minister announced earlier this week that there were six.
“I can confirm that the sixth aircraft is a Mirage 2000,” Chaudhry said. “We only targeted the aircraft ... We could have taken out more, but we showed restraint.”
Satellite photos captured after India’s strikes on May 6, show significant damage to multiple Pakistani air bases. High-resolution images from Maxar Technologies show large craters on runways and destruction of hangars and support structures at these facilities.
Chaudhry said that despite damage to infrastructure, they remained active: “There are ways through which Pakistan Air Force immediately sets these bases operational — they are all operational.”
He warned of a high potential for renewed conflict despite the ceasefire, as long as the core issue, Kashmir, remains unaddressed.
Predominantly Muslim, Kashmiri territory has been the subject of international dispute since the 1947 partition of the Indian subcontinent into Hindu-majority India and Muslim-majority Pakistan. Both countries claim Kashmir in full, and rule in part.
Indian-administered Kashmir has for decades witnessed outbreaks of separatist insurgency to resist control from the government in New Delhi.
In 2019, the Indian government revoked the region’s constitutional semi-autonomy and downgraded it from a state to a union territory under New Delhi’s direct control.
Indian officials have repeatedly said that the move aimed at tackling separatism and bringing economic development and peace to Kashmir.
“Their policy on Kashmir — of oppression and trying to internalize it — is not working,” Chaudhry said.
“Till the time Indians don’t sit and talk about Kashmir, then (as) two countries we sit, and we find a solution to it, the conflict potential is there.”
Pakistani companies showcase precious gemstones, minerals at international expo in China
- Around 10 Pakistani companies are taking part in China Nanjing (International) Mineral, Gemstone & Fossil Expo
- Pakistani exhibitors present emeralds, tourmalines, topaz, quartz, aquamarine and marble specimens
ISLAMABAD: Around 10 Pakistani gems and minerals companies are showcasing their specimens at the ongoing China Nanjing (International) Mineral, Gemstone & Fossil Expo to prospective buyers, state-run media reported this week.
The third edition of the expo, which is being held from May 15-19 in the Chinese city of Nanjing, has attracted over 500 exhibitors from more than 50 countries, state-run Associated Press of Pakistan (APP) said in a report on Saturday. Various companies from around the world have displayed minerals, gemstones, fossils, and meteorites at the exhibition.
“Pakistani exhibitors are presenting a dazzling array of emeralds, tourmalines, topaz, morganite, quartz, aquamarine, pyrite, marble and onyx specimens from regions such as Gilgit Baltistan, Balochistan, and Khyber Pakhtunkhwa,” APP reported.
It cited a report from Chinese business news website China Economic Net as saying that Pakistani specimens have attracted “significant interest” from international buyers and collectors at the expo.
Pakistan has significant gemstone reserves, particularly in its northern and northwestern regions, which include a variety of high-quality stones such as peridot, aquamarine, topaz, ruby, and emerald.
There are 18 types of gemstones in Pakistan for which 178 major mining licenses have been issued.
“Pakistan possesses extraordinary geological treasures, and our trade ties with China are expanding beyond gemstones to industrial minerals,” Ghulam Mustafa, an exhibitor representing the Fine Art Minerals company, told APP.
“The response to our display has been phenomenal. Visitors are truly impressed by Pakistan’s natural wealth,” he added.
Muhammad Sadiq from Fine Nagar Gems and Minerals company returned to this year’s exhibition with a larger collection of specimens.
“Last year feedback was incredibly positive and we are very optimistic about this year sales and orders,” Sadiq said.
Pakistan hosted an international minerals summit in Islamabad last month. The summit aimed to attract foreign investment in the country’s mining sector, seeing participation from major international companies including Canada-based Barrick Gold and government officials from the United States, Saudi Arabia, China, Turkiye, the United Kingdom, Azerbaijan and other nations.
Islamabad hopes it can export its precious gemstones and minerals as it eyes sustainable economic growth driven largely by exports.
Karachi beat Peshawar by 23 runs as PSL returns with glitzy ceremony
- Peshawar Zalmi skipper Babar Azam scores 94 runs from 49 balls in Zalmi’s chase attempt
- Pop stars Sahir Ali Bagga and Asrar Shah enthralled fans as PSL returned after May 9
ISLAMABAD: Peshawar Zalmi skipper Babar Azam’s 94-run innings came to naught as his team lost to Karachi Kings at the Rawalpindi Cricket Stadium by 23 runs on Saturday, as the Pakistan Super League (PSL) marked its return with a glitzy ceremony.
The PSL was suspended on May 9 due to hostilities between nuclear-armed neighbors India and Pakistan. However, as both countries agreed to a ceasefire on May 10, the Pakistan Cricket Board announced the league would resume on May 17.
Kings captain David Warner led the scoreboard, scoring a fiery 86-run inning from 50 balls while James Vince smashed 72 runs from 42 deliveries. Khushdil Shah contributed with an impressive 43 runs from 15 balls as the Kings piled on 237-4 at the end of 20 overs.
“Match 27 Karachi Kings vs Peshawar Zalmi,” the PCB said in a statement. “Karachi Kings won by 23 runs.”
Former Pakistan captain Azam scored 94 runs from 49 balls, hitting four sixes in his innings before he got run out. Explosive opener Saim Ayub provided Zalmi with a strong start, scoring 47 runs from 31 balls while Tom Kohler-Cadmore chipped in with 20 runs from 15 balls.
PSL’s return after a week saw Pakistan Interior Minister Mohsin Naqvi and Army Chief General Syed Asim Munir watch the match live at the Rawalpindi stadium.
Pakistani pop stars Sahir Ali Bagga and Asrar Shah performed to enthrall the audience and pay tribute to the country’s armed forces before fans enjoyed a spectacle of fireworks at the stadium.
