The head of Pakistan’s newly formed Virtual Assets Regulatory Authority (VARA) has come under public criticism after suggesting that people could learn how to buy Bitcoin by watching online videos, despite the country still lacking a fully regulated cryptocurrency market.
Bilal bin Saqib, chairman of the authority, made the remarks during an interview with a private television channel. He clarified that he was not a financial adviser, but said that millions of people globally had learned about digital assets through online tutorials.
Social Media Criticism Grows
The comments quickly triggered backlash on social media, where users questioned whether it was appropriate for a regulator to make such remarks at a time when many Pakistanis trade cryptocurrencies through informal and unregulated peer-to-peer platforms.
Critics argued that guidance from a regulatory official should focus on risk awareness, consumer protection, and regulatory clarity, rather than informal learning methods.
Push for Future Technologies
During the interview, Saqib also said Pakistan must move beyond conventional thinking and prepare for the future. He highlighted digital assets, artificial intelligence, drones, robotics, and quantum computing as technologies that would shape global influence and sovereignty in the coming decades.
He emphasized that Pakistan must invest in emerging technologies to remain competitive internationally.
Government Moves Toward Blockchain Adoption
The controversy comes as Pakistan takes formal steps toward blockchain adoption. Earlier this month, the Ministry of Finance signed a memorandum of understanding with Binance Investments Co.
The agreement was signed by Finance Minister Muhammad Aurangzeb and Binance CEO Richard Teng, in the presence of Changpeng Zhao, adviser to the Pakistan Crypto Council.
Under the MoU, both sides will explore blockchain-based tokenization of sovereign and real-world assets, including government bonds, treasury bills, commodity reserves, and other state-owned assets.
Officials said that, subject to regulatory approvals, assets worth up to $2 billion could eventually be digitized to improve transparency, liquidity, and international market access.
Questions Over Investor Protection
However, the regulator’s remarks have renewed debate over investor protection, public guidance, and regulatory readiness as Pakistan navigates its entry into the digital asset space.
