Pakistan eyes leadership in digital finance as it launches crypto council to regulate digital assets

Pakistan eyes leadership in digital finance as it launches crypto council to regulate digital assets
Pakistan’s Minister for Finance and Revenue Muhammad Aurangzeb speaks during a discussion on Pakistan, during the International Monetary Fund and World Bank Group 2024 Annual Meetings, in Washington, DC on October 22, 2024. (Sipa USA via Reuters/File)
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Updated 14 March 2025
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Pakistan eyes leadership in digital finance as it launches crypto council to regulate digital assets

Pakistan eyes leadership in digital finance as it launches crypto council to regulate digital assets
  • The council will help integrate blockchain innovations into Pakistan’s financial framework
  • Pakistan’s finance chief says government wants responsible crypto ecosystem for economic growth

KARACHI: Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Friday his country wanted to be a leader in digital finance as the government officially launched the Pakistan Crypto Council to establish regulatory guidelines for crypto adoption.
The newly established council is a government-backed initiative that seeks to integrate blockchain and cryptocurrency innovations into Pakistan’s financial and economic framework. Led by key policymakers, regulatory heads and industry experts, it plans to establish a progressive digital asset ecosystem.
The government’s decision to launch the council marks a shift in Pakistan’s stance on cryptocurrencies, moving from previous resistance to a more open and regulatory-focused approach.
“The world is moving rapidly toward digital finance, and Pakistan wishes to be a leader in the space,” an official statement circulated after the launch quoted the finance minister as saying.
“The establishment of the Pakistan Crypto Council is a step toward embracing innovation while ensuring that we create a regulatory framework that protects investors and the financial system,” he continued. “We are committed to fostering a responsible and progressive crypto ecosystem that can contribute to Pakistan’s economic growth.”
Earlier this month, the government appointed Bilal Bin Saqib as lead adviser to the finance minister to develop policy measures ahead of adopting digital currencies.
Saqib will serve as the council’s CEO, bringing his expertise in blockchain technology, investment strategy and digital innovation to spearhead the initiative.
“Our goal is to ensure that Pakistan becomes a competitive player in the global digital economy while prioritizing security, transparency and innovation,” he said at the launch. “By bringing together key stakeholders, we aim to strike a balance between progressive policymaking and fostering an environment where entrepreneurs and businesses can confidently explore the potential of blockchain technology.”
As the council begins operations, it aims to prioritize engagement with international crypto and blockchain organizations to ensure best practices.
It will also collaborate with fintech startups, investors and blockchain developers to encourage responsible innovation and safeguard consumers through a strong legal and compliance framework.


Pakistan set to face New Zealand in T20I series opener tomorrow in Christchurch

Pakistan set to face New Zealand in T20I series opener tomorrow in Christchurch
Updated 15 March 2025
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Pakistan set to face New Zealand in T20I series opener tomorrow in Christchurch

Pakistan set to face New Zealand in T20I series opener tomorrow in Christchurch
  • Skipper Salman Ali Agha says the team will try to produce better results in New Zealand
  • A three-match ODI series, set to follow the T20I action, will run from March 29 to April 5

KARACHI: Pakistan are all set to take on New Zealand in a five-match T20I series starting Sunday, the country's cricket board said in a statement, with the first game to be played at Hagley Oval in Christchurch.
The Pakistan squad arrived in New Zealand on Thursday and held their first training session on Friday afternoon. Before their arrival, the T20I squad underwent a pre-series camp from March 7 to 10 in Lahore.
Pakistan’s squad includes three uncapped players — Abdul Samad, Hasan Nawaz and Mohammad Ali — who earned call-ups to the national side following their impressive performances in recent domestic events.
Skipper Salman Ali Agha, who led the team to a 2-1 T20I series win in Zimbabwe in his first series as captain, expressed satisfaction with the players' performance ahead of the series.
“The team's preparations are going well, and we will try to produce better results in New Zealand," the Pakistan Cricket Board (PCB) quoted him as saying in a statement. "We have some young players in the side, and it is an opportunity for them to showcase their talent at the international level after performing well in domestic cricket.”
Pakistan have an upper hand over New Zealand in the 44 T20I contests between the two sides, with 23 wins, while the Black Caps have secured victory in 19 fixtures.
The last T20I series featuring the two sides, played in Pakistan in 2024, ended in a 2-2 draw, with one match abandoned due to rain.
More recently, though, Pakistan's cricket squad has come under significant criticism for their performance following their early exit from the 2025 Champions Trophy after losses to New Zealand and India.
During their tour to New Zealand, Pakistan will play their second match at University Oval in Dunedin on March 18, while the third match of the series will be played at Eden Park in Auckland on March 21.
The fourth and fifth T20Is will be played at Bay Oval in Mount Maunganui and Sky Stadium in Wellington on March 23 and 26, respectively.
A three-match ODI series will follow the T20I action and will be played from March 29 to April 5.


Pakistan deadline for illegal foreigners to leave country to expire in less than three weeks

Pakistan deadline for illegal foreigners to leave country to expire in less than three weeks
Updated 15 March 2025
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Pakistan deadline for illegal foreigners to leave country to expire in less than three weeks

Pakistan deadline for illegal foreigners to leave country to expire in less than three weeks
  • Islamabad says it has already granted sufficient time to these foreigners for their ‘dignified return’
  • Pakistan initially launched the deportation drive in Nov. 2023 following a string of suicide bombings

ISLAMABAD: A deadline set by Islamabad for undocumented foreigners and Afghan Citizen Card-holders will expire in less than three weeks, Pakistani state media reported on Saturday.
The Pakistan government on March 7 announced that all undocumented foreigners and Afghan nationals, including ACC-holders, residing illegally in Pakistan must depart voluntarily by March 31 or face deportation starting April 1.
The ACC scheme, initiated in 2017, provided temporary legal status to undocumented Afghans in Pakistan. It differs from the Proof of Registration (PoR) system, which grants refugee status to Afghan nationals recognized by the United Nations High Commissioner for Refugees (UNHCR) and the Pakistan government.
The recent directive will primarily impact the ACC-holders along with other undocumented Afghan nationals, many of whom fled to Pakistan following the Taliban’s return to power in August 2021.
“Seventeen days are left for illegal foreigners and Afghan Citizen Card holders to leave Pakistan,” the Radio Pakistan broadcaster reported.
“The government has assured that no mistreatment will occur during the process and it has made arrangements for food and health facilities for those returning.” 
Unlike PoR-holders, who are protected under international refugee frameworks, ACC-holders were never formally recognized as refugees and were only granted temporary permission to stay in Pakistan.
The Pakistani government said on March 7 it was already implementing the Illegal Foreigners Repatriation Program (IFRP) since Nov. 1, 2023.
“In continuation to Government’s decision to repatriate all illegal foreigners, national leadership has now decided to also repatriate ACC holders,” it said, adding that it had granted sufficient time to these people to ensure their “dignified return.”
The Pakistani government launched the deportation drive against “illegal immigrants,” mostly Afghan nationals, in Nov. 2023 after a string of suicide bombings in the country. Officials in Islamabad cited security concerns for the decision, alleging that a number of Afghan nationals had been involved in militant activities, including attacks on Pakistani civilians and security forces, a claim denied by the Taliban authorities in Kabul.
Last year, the government also announced that Afghan citizens residing in Islamabad would require No-Objection Certificates (NOCs) after alleging that many of them had participated in an anti-government protest led by former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) opposition party, which later turned violent.
The government’s directive will affect numerous Afghans in Pakistan awaiting resettlement to third countries, including the United States. Many of them had assisted international forces and now fear retribution from the Taliban. However, recent policy changes under President Donald Trump’s administration have all but suspended US refugee admissions, leaving thousands in limbo.


Pakistan, IMF make ‘significant progress’ on first review of $7 billion program — IMF mission chief

Pakistan, IMF make ‘significant progress’ on first review of $7 billion program — IMF mission chief
Updated 15 March 2025
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Pakistan, IMF make ‘significant progress’ on first review of $7 billion program — IMF mission chief

Pakistan, IMF make ‘significant progress’ on first review of $7 billion program — IMF mission chief
  • The development comes as an IMF mission concluded its weeks-long visit to Pakistan to review Islamabad’s progress on key conditions under the program
  • Progress has also been made in discussions on Pakistan’s climate reform agenda, which aims to reduce natural disasters-related vulnerabilities, IMF says

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) have made “significant progress” on the first review of a $7 billion loan program Islamabad secured last year, the IMF mission chief said on Friday.
The South Asian country, which has faced an economic meltdown in recent years, is treading a long path to economic recovery under the $7 billion IMF program it secured in Sept. last year.
An IMF mission visited Pakistan from Feb. 24 till Mar. 14 to analyze Islamabad’s progress on key conditions as part of the first review of the facility. A successful review will result in the release of around $1 billion as second installment under the program.
In a statement on Friday, IMF Mission Chief Nathan Porter said the two sides made significant progress toward reaching a staff-level agreement on the first review under the 37-month program, and they would continue policy discussions virtually to finalize the review over the coming days.
“Program implementation has been strong, and the discussions have made considerable progress in several areas including the planned fiscal consolidation to durably reduce public debt, maintenance of sufficiently tight monetary policy to maintain low inflation, acceleration of cost-reducing reforms to improve energy sector viability, and implementation of Pakistan’s structural reform agenda to accelerate growth, while strengthening social protection and rebuilding health and education spending,” Porter said.
Pakistan’s Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb have previously said they were confident of meeting targets of the IMF program.
The South Asian country was able to build some trust with the IMF by completing a short-term, nine-month program last year. Previous loan programs in Pakistan ended prematurely or saw delays after the governments at the time faltered on meeting key conditions.
Pakistan also seeks to secure an additional $1.5 billion loan from the IMF to deal with climate-related issues under a Resilience and Sustainability Facility (RSF) arrangement.
“Progress has also been made in discussions on the authorities’ climate reform agenda, which aims to reduce vulnerabilities from natural disasters-related risks, and accompanying reforms which could be supported under a possible arrangement under the Resilience and Sustainability Facility (RSF),” Porter said.
“The IMF team is grateful to the Pakistani authorities, private sector, and development partners for fruitful discussions and their hospitality throughout this mission.”


Pakistan looks forward to strengthening ties with Canada under Mark Carney, PM Sharif says

Pakistan looks forward to strengthening ties with Canada under Mark Carney, PM Sharif says
Updated 15 March 2025
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Pakistan looks forward to strengthening ties with Canada under Mark Carney, PM Sharif says

Pakistan looks forward to strengthening ties with Canada under Mark Carney, PM Sharif says
  • Carney was sworn in after overwhelmingly winning a Liberal Party vote to replace Justin Trudeau
  • Islamabad has friendly ties with Canada, which was one of the first countries to recognize Pakistan

ISLAMABAD: Pakistan is looking forward to strengthening its relations with Canada under Prime Minister Mark Carney, Prime Minister Shehbaz Sharif said on Saturday, as he felicitated his new Canadian counterpart.
Ex-central banker Carney was sworn in as prime minister of Canada on Friday after overwhelmingly winning a Liberal Party vote to replace Justin Trudeau as leader.
Pakistan enjoys friendly relations with Canada, which was one of the first countries to recognize Pakistan as a sovereign independent state in 1947.
The two countries regularly hold bilateral consultation on political matters, while Pakistani diaspora in Canada numbers around 500,000. Islamabad has also awarded the Reko Diq gold mine project to a Canadian firm which is the largest in terms of foreign direct investment in Pakistan.
“I congratulate Mr. Mark Carney on being sworn in as the Prime Minister of Canada,” Sharif wrote on X. “Wish him a successful tenure in office and look forward to working with him to further strengthen Pakistan-Canada relations in all spheres.”
Over the years, the bilateral cooperation and engagement in the political, economic, and cultural arenas between Pakistan and Canada has witnessed a consistent upwards trajectory, according to the Pakistani foreign office. At present, there are two Pakistan-origin senators and six House of Commons members in the Canadian parliament, who act as a bridge between the two countries.
Carney’s election, however, comes at a time Ottawa has been rattled by collapsing cross-border relations since Donald Trump returned to power in January, launching a trade war and demanding that Canada surrender its independence to become the 51st US state.
Carney, a political novice, said he will fly to Paris and London next week, part of an effort to reinforce alliances overseas as ties with the United States unravel. Those talks will include trade and security.


OIC expresses solidarity with Pakistan after militant attack on passenger train kills 31

OIC expresses solidarity with Pakistan after militant attack on passenger train kills 31
Updated 15 March 2025
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OIC expresses solidarity with Pakistan after militant attack on passenger train kills 31

OIC expresses solidarity with Pakistan after militant attack on passenger train kills 31
  • Militants took over the Jaffar Express train in a remote mountain pass in Balochistan province this week, blowing up train tracks in the attack
  • A final count showed 23 soldiers, three railway employees and five passengers had died in the day-long train hijacking, an army spokesman said

ISLAMABAD: The Organization of Islamic Cooperation (OIC) condemns the militant attack on a passenger train in Pakistan’s southwestern Balochistan province that killed over 30 people this week, it said on Saturday, expressing solidarity with the families of the victims and the Pakistani people and government.
Militants had taken over the Jaffar Express in a remote mountain pass in the Balochistan province on Tuesday, blowing up train tracks in the attack then holding passengers hostage in a day-long standoff.
The Baloch Liberation Army (BLA) separatist group, which claimed responsibility for Tuesday’s attack, released a statement saying its fighters had escaped with 214 hostages and since executed all of them, without giving any evidence to back that up.
Pakistan security forces killed 33 insurgents, rescued 354 hostages and brought the siege to a close a day later, according to army spokesperson Lt. Gen. Ahmed Sharif Chaudhry. A final count showed 23 soldiers, three railway employees and five passengers had died in the attack.
“OIC Secretary-General Hissein Brahim Taha extended his deepest condolences and sincere sympathy to the families of the victims,” the OIC said in a statement shared on X.
“He reiterated the OIC’s rejection of all forms and manifestations of terrorism and underscored the OIC’s solidarity with the people and government of Pakistan in the fight against terrorism.”
Pakistan has been battling twin insurgencies — one mounted by religiously motivated groups like the Tehreek-e-Taliban Pakistan (TTP) in the country’s northwestern Khyber Pakhtunkhwa (KP) province and the other by ethnic Baloch separatists in Balochistan.
The BLA is the largest and strongest of several ethnic Baloch insurgent groups which have been fighting for decades to win independence for the mineral-rich province, home to major China-led projects including a port and gold and copper mines.
Lt. Gen. Chaudhry said on Friday that Pakistan had evidence that India and Afghanistan had backed the insurgents, echoing accusations made by the Pakistani foreign ministry after Tuesday’s attack. Both countries have denied the accusation.