PVARA chief demands global role

Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman and Minister of State Bilal Bin Saqib has said that the principles of the financial system are being redefined, and Pakistan intends to play its role in shaping them. He noted that the financial system is increasingly becoming automated through software and blockchain, and software does not recognise borders.

“We have always viewed money as something under the exclusive authority of the state,” he said, according to a statement issued by PVARA on Saturday. Saqib presented this position on the main stage at the Point Zero Forum 2026 held in Zurich – a major gathering of the world’s central bankers, regulators and financial leaders. Addressing the forum, he reiterated that the principles of the financial system are being redefined and that Pakistan aims to contribute to their formation.

He said the financial system is rapidly becoming automated through software and blockchain, and software does not adhere to geographical boundaries. “We have always understood money as something controlled solely by the state – one flag, one border, one currency. That era is now ending,” he said. Delivering this message in a room filled with individuals who have managed the global financial system for generations was significant.

Saqib spoke as a representative of one of the world’s largest digital asset markets. He also participated in a panel moderated by Central Banking Publications, alongside Deputy Governor of the South African Reserve Bank Dr Mampho Modise. The session examined where tokenised money is already in use, the barriers preventing its large-scale adoption, and how regulators, banks and technology providers can create interoperability between central bank digital currencies (CBDCs), stablecoins and tokenised systems.

His stance was unequivocal: in countries where millions are already using digital assets, the question is no longer whether to allow them, but whether to maintain sovereignty over them or leave them to others.

“Pakistan is adopting a Pakistan-first strategy on digital assets,” he said. “Our position is that developing economies must help define the principles of tokenised finance rather than passively inheriting frameworks created elsewhere. The countries that succeed will be those that can openly acknowledge reality: this has already happened, our people are already here.” “Our responsibility is not to stop economic innovation, but to manage it better,” he added.

Beyond the main stage, Saqib participated in several high-level, invitation-only sessions, placing Pakistan in direct dialogue with central bankers and financial leaders from Singapore, Japan, the Philippines, the Gulf region and Europe. Major global banks and leading digital asset institutions were also present.

These discussions focused on a key challenge facing developing economies today: how to benefit from dollar-denominated tokenised money without compromising monetary sovereignty, control over payment systems or visibility over financial flows. Pakistan ranks among the world’s largest digital asset markets. According to Chainalysis’ 2025 Global Crypto Adoption Index, Pakistan ranks third globally in grassroots crypto adoption, behind only India and the United States. Contributing factors include a young, mobile-first population, one of the world’s largest freelance economies, over $38 billion in annual remittances, and the growing use of stablecoins as a hedge against inflation.

Pakistan did not adopt digital assets as a result of regulation; it adopted them first and is now developing regulations accordingly.

Now in its fifth year, the Point Zero Forum is an annual policy and technology gathering organised by the Global Finance and Technology Network and the State Secretariat for International Finance of Switzerland, in collaboration with the BIS Innovation Hub, the Monetary Authority of Singapore and the Swiss National Bank. The 2026 edition was held at Kongresshaus Zurich, with participation from over 2,000 central bankers, regulators, policymakers and industry leaders. PVARA is the federal authority responsible for licensing and supervising virtual asset service providers in Pakistan.