New York: Bilal Bin Saqib, the Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority, urged Member States to transition from mere discourse on digital assets to the establishment of regulatory and institutional frameworks essential for governing future global finance.
According to Press Information Department, Bin Saqib delivered a virtual keynote address during a session titled “Digital Assets and Blockchain for Sustainable Development: Advancing Digital Finance through Innovation” at the United Nations Headquarters. He emphasized that digital assets, tokenization, and distributed ledger technologies provide emerging economies with opportunities to redefine financial infrastructure with a focus on inclusion, efficiency, and access.
The briefing was organized by the Permanent Mission of Pakistan to the United Nations in coordination with UNDP, UNCTAD, and the Office of the Secretary-General’s Envoy on Technology, gathering Member States, UN entities, and private-sector stakeholders. Bin Saqib centered the discussion on the 1.4 billion adults globally excluded from the formal financial system, highlighting the high costs of cross-border remittances, which exceed the 3 percent target set under SDG 10.c.
He underscored the potential of digital finance to extend beyond traditional payments, noting that digital identity and verifiable financial histories could aid small businesses, farmers, and women entrepreneurs. Tokenization could facilitate new capital mobilization methods, while distributed ledgers could enhance transparency in public expenditure and supply chains.
Bin Saqib cautioned against viewing technology as a panacea, citing risks such as retail volatility and illicit finance. He emphasized the need for evolving regulations that align with technological advancements, advocating for regulation as a market-building tool. The session concluded with discussions on digital assets, blockchain, AI, digital identity, and policy conditions for responsible implementation, urging deeper international cooperation.