At UN briefing, Pakistan calls for unified global framework for digital assets

In a United Nations briefing focused on digital assets and blockchain for sustainable development, Pakistan has called for the creation of a unified global regulatory and institutional framework to oversee digital assets and steer the future of international finance. Speaking virtually at the meeting, Bilal Bin Saqib, the Minister of State and chairman of Pakistan Virtual Assets Regulatory Authority (PVARA), urged member states to develop the necessary structures to manage emerging financial innovations.

He emphasized that coordinated governance is crucial to ensure these innovations promote economic inclusion, efficiency, and access.

The PVARA chief highlighted that digital assets, tokenization, and distributed ledger technologies offer emerging economies a chance to rethink financial infrastructure around inclusion, efficiency, and access. He pointed out that the question before the UN assembly is not whether these technologies will scale, but who will shape them and in whose interest.

Mr. Saqib placed ordinary people at the center of the debate, noting that 1.4 billion adults worldwide remain unbanked, along with billions more who face unequal terms through costly remittances, long settlement times, and limited credit access. He argued that digital finance's potential extends beyond payments, as digital identity and verifiable financial histories could benefit small businesses, farmers, and women entrepreneurs.

Tokenization could create new ways to mobilize capital by splitting assets like infrastructure bonds and renewable energy projects into smaller fractions, while distributed ledgers could enhance transparency in public spending and supply chains. However, Mr. Saqib cautioned against viewing technology as a panacea, noting risks such as market volatility, illicit finance, and the concentration of power.

He encouraged a more nuanced approach, cautioning against both over-regulation and the lack of regulation. Mr. Saqib argued that regulation should evolve alongside innovation and urged member states to use the briefing as the beginning of deeper cooperation, rather than an isolated discussion.