Major breakthrough in Pakistan’s digital finance sector

A major development has occurred in Pakistan’s digital finance sector, as a high-level meeting was held at the Prime Minister’s Office between the Pakistan Virtual Assets Regulatory Authority (PVARA) and a delegation from the United Arab Emirates.

The meeting was attended by DAMAC Group and its regulated platform, Prypco. DAMAC Group is a UAE-based global private real estate and investment conglomerate.

The session was chaired by Bilal bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority. UAE Ambassador to Pakistan, Salem Mohammed Al Zaabi, attended the meeting as a special guest.

Detailed discussions were held on the tokenisation of real estate, government assets and debt instruments. Tokenisation is being viewed as a potential national economic driver for Pakistan, Bilal bin Saqib said.

He added that tokenisation would help transform idle assets into investable opportunities and enable transparent, secure international investment in real estate and other asset classes.

Earlier, Pakistan Virtual Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has said that crypto mining activities will begin in Pakistan within the next few weeks.

In an exclusive interview with ARY News, Bilal Bin Saqib said that several new technologies have emerged for bitcoin mining and that mining cards can be installed at power plants to support the process.