Recently, Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, delivered a decisive virtual keynote address at the United Nations Headquarters. The PVARA Chairman called on Member States to stop merely discussing digital assets and urged global action on Digital Finance Regulation. He urged them to build the regulatory and institutional frameworks necessary to govern global finance.
The Permanent Mission of Pakistan to the United Nations organized this briefing. Furthermore, they collaborated with UNDP, UNCTAD, and the Office of the Secretary-General’s Envoy on Technology (ODET). The session focused on advancing digital finance through innovation.
During his address, Bin Saqib challenged the attendees.
The question before this room is not whether these technologies will scale. They will. The question is: who will shape them, and in whose interest?
PVARA Chairman Discusses Digital Finance Regulation: Fixing a Broken System
Bin Saqib placed ordinary people squarely at the center of this debate. Currently, 1.4 billion adults globally remain entirely outside the formal financial system. Meanwhile, billions more face an unequal system. They suffer from expensive remittances, slow settlements, and limited access to credit.
Specifically, he highlighted the extreme costs of cross-border remittances. The average cost to send $200 is currently more than double the 3 percent target established under SDG 10.c. Consequently, closing this gap would return billions of dollars directly to families every year.
Unlocking Capital Through Tech
Moreover, the Minister argued that digital finance offers solutions far beyond basic payments. For instance, digital identity and verifiable financial histories can empower vulnerable groups. These tools help small businesses, farmers, and women entrepreneurs prove their economic activity without needing traditional collateral.
Tokenization also offers a new way to mobilize capital. It allows markets to fractionalize heavy assets like infrastructure bonds and renewable energy projects. Additionally, distributed ledgers can vastly improve transparency across public spending and global supply chains.
The Call for Smart Regulation
However, Bin Saqib warned the UN that technology is not an automatic cure. He pointed out severe risks. These include retail volatility, illicit finance, and the concentration of power. He also warned of a widening divide between nations with sophisticated regulations and those without them.
He urged governments to act quickly but smartly. Frameworks introduced too late will ultimately fail consumers and markets. Conversely, regulation driven purely by fear pushes technological activity into less transparent environments. Regulation must build markets, not block them. He stated:
The choice before every Member State is not regulate or don’t regulate.
It is simpler, and starker, than that: to govern the future, or be governed by it.
Ultimately, he urged Member States to use this briefing as a launchpad for deeper global cooperation. As he concluded:
No nation rises alone, and no nation should be left to rise alone.
Following his address, UN entities, Member States, and industry leaders continued discussions on implementing blockchain, AI, and digital identity responsibly.
