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Pakistan’s finance chief says 15% of citizens in digital assets, urges adoption of ‘new economy’

Pakistan’s finance chief says 15% of citizens in digital assets, urges adoption of ‘new economy’
Pakistan’s Minister for Finance and Revenue Muhammad Aurangzeb speaks during a discussion on Pakistan, during the International Monetary Fund and World Bank Group 2024 Annual Meetings, in Washington, DC on October 22, 2024. (Sipa USA via Reuters/File)
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Updated 3 min 35 sec ago

Pakistan’s finance chief says 15% of citizens in digital assets, urges adoption of ‘new economy’

Pakistan’s finance chief says 15% of citizens in digital assets, urges adoption of ‘new economy’
  • Muhammad Aurangzeb says government drafting virtual assets bill, to be reviewed by parliament
  • He says Pakistan Virtual Asset Regulatory Authority set to hold inaugural meeting on August 25

ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Saturday the country could not ignore the rapid growth of digital assets, pointing out that about 15 percent of citizens were already involved in the sector, prompting the government to work on a regulatory framework for virtual investment.

The minister’s remarks came at the Leadership Summit on Blockchain and Digital Assets in Islamabad, where he highlighted the need to harness emerging technologies to align Pakistan’s economy with global trends.

He said the government’s role was to provide a regulatory framework and enabling environment, while the private sector and youth were expected to drive innovation.

“When you see 20 to 25 million citizens of this country participating in this activity in one form, shape or the other … you cannot ignore that,” he said in his address to the conference.

He added the realization that “10 to 15 percent of the citizens of this country” were investing in virtual assets led to the genesis of the discussion on cryptocurrency in Pakistan.

Aurangzeb said the government had already established the Pakistan Crypto Council and the Pakistan Virtual Asset Regulatory Authority, whose inaugural meeting is scheduled on Monday, August 25.

A draft bill on digital investment and virtual assets is also being submitted to the Senate Standing Committee on Finance and will soon be moved to the National Assembly for approval.

The Pakistani finance chief described the expansion of digital assets as part of Pakistan’s entry into the “new economy,” stressing the importance of transparency, clear rules and learning from international models.

“I’m very clear that the private sector has to lead this country, and the government just needs to provide the ecosystem,” he added.

Aurangzeb noted it was vital for Pakistan to accelerate its economic journey by embracing new global trends, though he also maintained that “we must go into this with our eyes and ears open.”


Pakistan’s deputy PM begins ‘landmark’ Dhaka visit, highest-level trip in years

Pakistan’s deputy PM begins ‘landmark’ Dhaka visit, highest-level trip in years
Updated 4 min 49 sec ago

Pakistan’s deputy PM begins ‘landmark’ Dhaka visit, highest-level trip in years

Pakistan’s deputy PM begins ‘landmark’ Dhaka visit, highest-level trip in years
  • The two countries have witnessed more frequent bilateral interactions since Sheikh Hasina’s downfall
  • Ishaq Dar will meet Chief Adviser Muhammad Yunus to discuss political, economic and regional issues

ISLAMABAD: Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar arrived in Bangladesh on Saturday for the most senior visit by a Pakistani official to the country in years, in a sign of warming ties since the ouster of longtime leader Sheikh Hasina.

Dar’s visit follows months of increased contact between the two South Asian nations. Pakistan’s commerce minister Jam Kamal has been in Dhaka this week discussing trade and agricultural collaboration, while Pakistan’s foreign secretary Amna Baloch held the first bilateral consultations in 15 years in April.

Baloch’s visit covered political, economic, trade, agricultural, education and defense ties, as well as regional integration and a revival of the South Asian Association for Regional Cooperation (SAARC).

“Deputy Prime Minister and Foreign Minister of Pakistan, Senator Muhammad Ishaq Dar, arrived in Dhaka today on a landmark official visit from 23–24 August 2025, at the invitation of the Government of the People’s Republic of Bangladesh,” the foreign office said in a statement.

Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar arrives in Dhaka on August 23, 2025, on a two-day official visit to Bangladesh. (Handout/MoFA)

He is scheduled to meet Chief Adviser Muhammad Yunus and senior officials including Adviser for Foreign Affairs Md. Touhid Hossain and Adviser for Commerce SK Bashir Uddin during his two-day stay in Dhaka.

Talks will mainly cover bilateral cooperation as well as regional and international issues.

Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar arrives in Dhaka on August 23, 2025, on a two-day official visit to Bangladesh. (Handout/MoFA)

A day before Dar’s visit, a top Bangladeshi army officer, Lt. Gen. Md. Faizur Rahman, met Pakistan’s Chairman Joint Chiefs of Staff Committee Gen. Sahir Shamshad Mirza to discuss enhanced defense and security cooperation.

According to the military’s media wing, their talks also focused on the regional security environment, with the Bangladeshi official praising the professionalism of Pakistan’s armed forces and their sacrifices against militant violence.

Bangladesh’s ties with Pakistan have begun to ease since Hasina, often seen as close to India, was toppled in a popular uprising last year and fled to New Delhi.

The shift created space for Bangladesh and Pakistan – once one country until the bloody 1971 war of independence – to reset relations.

Dar also met leaders of Bangladesh’s newly formed National Citizen Party (NCP), a student-led movement that spearheaded the protests which unseated Hasina.

The party, formally launched earlier this year, has called for a “second republic” with a new constitution aimed at strengthening democracy and social justice.

Its emergence has reshaped Bangladesh’s political landscape, challenging decades of dominance by traditional parties and giving voice to younger generations.

Pakistan’s deputy prime minister emphasized the need for greater interaction between the youth of the two countries.

The delegation members apprised him of different facets of the nationwide political mobilization in Bangladesh last year.

“The two sides also discussed possibilities to promote cultural exchanges between Pakistan and Bangladesh in the days ahead,” said the foreign office.


Pakistan police accuse Indian spy agency of orchestrating May killing of ‘welfare worker’ in Sindh

Pakistan police accuse Indian spy agency of orchestrating May killing of ‘welfare worker’ in Sindh
Updated 28 min 13 sec ago

Pakistan police accuse Indian spy agency of orchestrating May killing of ‘welfare worker’ in Sindh

Pakistan police accuse Indian spy agency of orchestrating May killing of ‘welfare worker’ in Sindh
  • Abdul Rehman alias Razaullah Nizamani, 50, was shot dead in Matli town of Pakistan’s Sindh province on May 18
  • Indian media claimed at the time the deceased was a member of Lashkar-e-Taiba group, active in disputed Kashmir

KARACHI: The counter-terrorism department (CTD) in Pakistan’s southern Sindh province on Saturday accused India’s external intelligence agency, the Research and Analysis Wing (RAW), of orchestrating the killing of a “prominent welfare worker” in May, saying they had arrested six suspects for their links with Indian operatives.

Abdul Rehman alias Razaullah Nizamani, 50, who was known for his welfare and philanthropic work, was shot dead in Sindh’s Matli town on May 18. Following the incident, Indian media claimed the deceased was a key member of Lashkar-e-Taiba (LeT), a proscribed group that had been active in the disputed Kashmir region.

Speaking at a press conference in Karachi, Azad Khan, the additional inspector general of CTD in Sindh, said their investigation revealed that Rehman’s “extraterritorial killing” had been orchestrated by a RAW handler, Sanjay Sanjeev

Kumar, also known as ‘Fauji,’ from a Gulf country. There was no immediate comment from the Indian side.

“This is a case of extraterritorial killing,” Khan said, adding that Kumar orchestrated the killing through a man, named Salman, who hailed from the Sheikhupura district in Pakistan’s Punjab province.

“He sent Salman, after paying him a huge amount, and the other group, four other people. And they went to Hyderabad, stayed there for five, six days and they carried out this killing.”

Pakistan has previously accused India’s intelligence agency of being involved in killings inside Pakistan, saying it had credible evidence linking two Indian agents to the deaths of two Pakistanis last year.

RAW spent a “significant” amount of money on the operation and sent funds through banks and multiple channels to Salman and his associates, according to Pakistani CTD officials, who presented record of purported transactions and travel history of suspects.

A case relating to terrorism financing has also been registered against the suspects and their handler after the discovery of these financial transactions, they added.

Khan said the killing was part of India’s “cowardly retaliation” after a four-day military standoff with Pakistan in May, in which Islamabad claimed victory by saying that its air force had downed six Indian fighter jets, including the French-made Rafales. India has acknowledged the losses but did not specify the number.

“Indian media expressed immense satisfaction over this targeted killing and began spreading propaganda,” Khan said.

The suspect, Salman, arrived in Karachi on May 12 and checked into a hotel in Hyderabad with four accomplices, Umair Asghar, Sajjad, Obaid and Shakeel, according to investigators. The group surveyed the target in Matli for five days before the attack. After the killing, Salman flew out from the Karachi airport to a Gulf country and later fled to Nepal.

During this time, Khan said, Kumar remained in constant touch with the team.

The CTD, working together with federal intelligence agencies, arrested four suspects in Karachi on July 8. Two other suspects, Arsalan and Talha Umair, were arrested on Aug. 17 and Aug. 23, respectively, according to the official.

Authorities recovered two pistols used in the killing, a motorcycle and mobile phones from arrested suspects.

“When we arrested the suspects, it was done based on technical grounds,” Khan said, adding that CCTV footage, eyewitness account and recovered weapons linked them to the killing.

Indian media outlets have reported nearly 20 such killings in Pakistan, including in major cities like Karachi and Rawalpindi, in recent years, claiming the deceased had been linked with militant groups operating in Kashmir.

Kashmir has been divided between Pakistan and India since their independence from British rule in 1947. Both sides claim the territory in full but rule it in part and have fought multiple wars over it.

New Delhi has long accused Pakistan of fanning an insurgency on its side of Kashmir. Islamabad denies this and maintains that it only offers moral, political and diplomatic support to the Kashmiris.

“This is the first time the actual hit team was arrested,” AIG Khan said, referring to previous cases in which the arrested suspects had only surveyed targets for the hitmen.

A Sindhi separatist group also facilitated the attack, while the prime suspect, Salman, remains at large after fleeing to Nepal, according to Khan.

“It is essential that he be arrested,” Khan said, urging Pakistani federal authorities to raise the case at international forums dealing with terrorism financing.

“Our role is limited to investigation and collecting evidence. This case now needs to be taken forward by the Government of Pakistan.”

Khan described the killing as part of a pattern of operations by Indian intelligence agencies abroad.

“Such acts fall under state-sponsored terrorism,” he said. “Our investigation has provided ample evidence of RAW’s involvement.”

In 2023, the United States and Canada accused Indian agents of links to assassination plots on their soil. India dismissed the allegation of its involvement in the killing in Canada as “absurd.”

In the case involving the US, India’s foreign ministry said it had set up a high-level committee to investigate the accusations, adding that the alleged link to an Indian official was “a matter of concern” and “against government policy.”


Pakistan lake formed by mountain mudslide threatens ‘catastrophic’ floods

Pakistan lake formed by mountain mudslide threatens ‘catastrophic’ floods
Updated 23 August 2025

Pakistan lake formed by mountain mudslide threatens ‘catastrophic’ floods

Pakistan lake formed by mountain mudslide threatens ‘catastrophic’ floods
  • Four downstream districts, Ghizer, Gilgit, Astore and Diamer, in Pakistan’s north face a serious threat
  • The communities downstream have been directed to stay alert, vacate areas along the river, official says

PESHAWAR: A 7-km (4-mile) lake in northern Pakistan, created by a mountain mudslide, is threatening to burst and unleash potentially “catastrophic” floods downstream, officials warned on Saturday.

The mud flow descended into the main Ghizer River channel and blocked it completely on Friday, creating the lake in Gilgit Baltistan province, the National Disaster Management Authority said.

The blockage created a “dam-like structure” that poses a significant threat of bursting, it said in a situation report by its provincial office.

The new lake “can cause a catastrophic flood,” said Zakir Hussain, director general of the Provincial Disaster Management Authority.

Four downstream districts — Ghizer, Gilgit, Astore and Diamer — face a serious threat, he told Reuters.

Ghizer is north of the mountain districts in northwest Pakistan where floods triggered by the worst of this year’s monsoon rains and cloudbursts have killed nearly 400 people since August 15.

A video shared by the national disaster authority on a WhatsApp group where it issues statements shows black mud sliding down the mountain before landing in the river. Reuters could not independently verify the video, which an official at the authority said was shot by residents.

Similar mud flows landed in the river from different mountainsides, said provincial government spokesperson Faizullah Faraq.

A shepherd on higher ground, the first to spot the mud flow crashing down, alerted villagers and local authorities, he said. As a result of the warning, he said, nearly 200 people in dozens of scattered houses tucked in the mountainsides and the river’s surroundings were rescued.

The lake has started discharging water, meaning the threat of a burst is receding, but flash floods in downstream districts cannot be ruled out until the lake is completely cleared, Faraq said.

The communities downstream have been directed to stay on high alert and vacate areas along the river, he said.

Floods across Pakistan have killed 785 since the monsoon started in late June, the national disaster authority said, warning of two more rain spells by September 10.


Militants kill five Iranian policemen in restive province bordering Pakistan

Militants kill five Iranian policemen in restive province bordering Pakistan
Updated 23 August 2025

Militants kill five Iranian policemen in restive province bordering Pakistan

Militants kill five Iranian policemen in restive province bordering Pakistan
  • The assailants struck two units on patrol near the town of Iranshahr in Sistan-Baluchistan province
  • The Jaish Al-Adl group claimed responsibility for the attack in a post on the Telegram messaging app

TEHRAN: At least five Iranian police have been killed in an ambush in the restive southeast, Iranian media reported on Friday.

The unidentified assailants struck two units on patrol near the town of Iranshahr in Sistan-Baluchistan province, the Fars news agency said, citing local police.

“In this terrorist act, five servants of security and peace were martyred,” it quoted police as saying.

Sistan-Baluchistan, which borders Pakistan and Afghanistan, has long been a flashpoint for clashes between security forces and armed groups, including drug traffickers and separatists.

The province, which is home to a large Sunni Muslim Baloch minority, is one of the poorest regions of the Shiite-majority Iran.

Police said the officers had been on routine patrol when they came under fire. Iranian media published an image of a bullet-riddled police pickup with bodies lying on the ground nearby.

An operation was underway to “track down and identify” the assailants, Fars said.

Later, the Jaish Al-Adl (Arabic for ‘Army of Justice’) group claimed responsibility for the attack, in a post on the Telegram messaging app.

Iran regularly reports deadly ambushes in the province targeting police or members of the Islamic Revolutionary Guard Corps.

Authorities blame militant groups, including Jaish Al-Adl, for such attacks.

The latest attack comes after authorities said the security forces had killed seven members of another armed group, Ansar Al-Furqan, last week as they foiled an attempted attack.

A day earlier, a police officer was killed in an attack later claimed by Jaish Al-Adl.


Army chief stresses ‘good governance,’ people-centric progress for peace in Balochistan

Army chief stresses ‘good governance,’ people-centric progress for peace in Balochistan
Updated 23 August 2025

Army chief stresses ‘good governance,’ people-centric progress for peace in Balochistan

Army chief stresses ‘good governance,’ people-centric progress for peace in Balochistan
  • Balochistan, Pakistan’s largest but most impoverished province, has been the site of a long-running insurgency that has intensified in recent months
  • The army chief’s statement points to the military’s growing role in national affairs, followed by the defense minister’s admission of a ‘hybrid model’

ISLAMABAD: Pakistan’s army chief, Field Marshal Asim Munir, has stressed the significance of “good governance” and people-centric development to ensure durable peace in Pakistan’s insurgency-hit Balochistan province, the Pakistani military said on Saturday.

Balochistan, Pakistan’s largest but most impoverished province, has been the site of a long-running insurgency that has intensified in recent months, with separatist militants frequently attacking security forces, government officials and installations and people from other provinces.

Apart from separatist outfits, religiously motivated groups such as the Pakistani Taliban and Daesh also maintain presence in Balochistan, where nine Pakistani soldiers and 50 Pakistani Taliban militants were killed in separate incidents this month, according to officials.

The Inter-Services Public Relations (ISPR), the Pakistani military’s media wing, said on Saturday that Field Marshal Munir visited Balochistan’s Turbat to review the prevailing security situation, assess development initiatives, and reinforce coordination between military and civil institutions.

“COAS (chief of army staff) was given a comprehensive brief on the security dynamics, including threat perspective and successful operations against Fitna Al-Hindustan (Indian-sponsored militants), ongoing development projects, and efforts to enhance socio-economic conditions in southern Balochistan,” the ISPR said.

“During interaction with CM Balochistan and representatives of the civil administration he highlighted the need for good governance, infrastructure development, and the importance of inclusive, people-centric progress.”

In recent months, Islamabad has frequently accused India of backing militant groups and Afghanistan of allowing the use of its soil for attacks against Pakistan. Kabul and New Delhi both deny the allegation.

During his visit, Field Marshal Munir reiterated Pakistan Army’s resolve to stand shoulder to shoulder with the people of Balochistan in their pursuit of peace, prosperity, and sustainable development in Balochistan, according to the ISPR. The army chief appreciated the security forces for their role in ensuring peace and stability in the region under challenging circumstances.

“He emphasized the significance of joint civil-military efforts in addressing the challenges faced by the people of Balochistan and reaffirmed unwavering support for all initiatives aimed at improving the southern Balochistan’s socio-economic development,” the ISPR added.

Pakistan’s military has played an outsized role in national affairs since independence in 1947, including periods of direct rule after coups in 1958, 1977 and 1999, when General Pervez Musharraf toppled then-Prime Minister Nawaz Sharif, the elder brother of incumbent PM Shehbaz Sharif.

Even under elected governments, the army is widely considered to be the invisible guiding hand in politics and in shaping foreign policy, security strategy, and often key aspects of governance.

Earlier this year, Pakistan’s defense minister Khawaja Asif described the country’s governance as a “hybrid model” in which military and civilian leaders share power, in a rare public admission by a serving Pakistani government official that took on added significance amid the army chief’s solo visit to the United States this month and an unprecedented meeting with President Donald Trump.

“This is a hybrid model. It’s not an ideal democratic government … So, this arrangement, the hybrid arrangement, I think [it] is doing wonders,” Asif said in June, adding that the system was a practical necessity until Pakistan was “out of the woods as far as economic and governance problems are concerned.”

The defense chief argued the long-running political instability and behind-the-scenes military influence in earlier decades had slowed democratic development, but the current arrangement had improved coordination.