PVARA chief calls for UN-led push on global digital finance regulation
ISLAMABAD – The digital finance revolution is in full swing, and Pakistan wants the world to catch up. At the United Nations, PVARA head Bilal bin Saqib warned that governments must act now to shape the future of digital finance before the technology overtakes regulation, stressing global rules.
Speaking virtually at UN headquarters, Bilal bin Saqib urged countries to stop treating digital assets and emerging financial technologies as a subject of endless debate and start creating practical systems to regulate them.
1.4 billion adults live outside the formal financial system. It’s not just a vacuum. This is a design failure.
At the United Nations, Minister of State and PVARA Chairman Bilal bin Saqib laid out a vision for digital finance built around access, inclusion and real-world impact. pic.twitter.com/0JOPRUzh7E
— Pakistan Virtual Assets Regulatory Authority (@PakistanVARA) September 12, 2026
Digital finance is already expanding rapidly, he said, and governments must now decide who will shape that future. “The question before this room is not, ‘Will these technologies scale?'” Bin asked.
The briefing was organized by the Permanent Mission of Pakistan to the United Nations in collaboration with UNDP, UNCTAD and the Office of the Secretary-General’s Envoy for Technology (ODET).
For the PVARA chief, the digital finance debate is not just about cryptocurrencies, blockchain or new technology. It is also about the millions of people who are unable to properly participate in the formal economy.
Around 1.4 billion adults worldwide are still excluded from the formal financial system, while billions more face costly remittances, slowdowns and limited access to credit.
Remittances are one of the clear examples of this. The cost of sending just $200 across borders is double the 3% target set under Sustainable Development Goal 10.c. Reducing those costs, Bin Saqib said, could put billions of dollars back into the hands of families who depend on remittances from abroad.
Bilal highlighted how digital tools can help those who often struggle to prove their financial worth through the traditional banking system. Digital identity systems and verifiable financial records can provide a way for small businesses, farmers and women entrepreneurs to demonstrate their economic activity without relying entirely on traditional collateral.
This can make it easier for disadvantaged groups to establish financial records and access credit. He also pointed to tokenization as a potentially powerful way to bring fresh capital to larger projects.
Assets such as infrastructure bonds and renewable energy projects can be broken down into smaller investment units, allowing more people and investors to participate. But Bin Saqib was equally clear that digital finance is not without risks.
He warned of market volatility, illicit finance and the growing concentration of financial and technological power. There is also a wide gap between countries that are already developing sophisticated digital finance rules and those that are still struggling to establish a basic regulatory framework.
For governments, he argued, the challenge is to find a middle ground. Waiting too long could leave consumers and financial markets exposed. Going too far in the opposite direction can push legitimate digital activity into a less transparent environment.
The answer, he said, is regulation that gives marketplaces room to grow while protecting the people who use them.
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“The choice before each member state is regulated or unregulated,” he said, adding, “It is simpler and harder than this: to govern the future, or to be governed by it.” He urged UN member states to turn the debate into a starting point for broader international cooperation, stressing that digital finance cannot be effectively managed by countries acting alone.
As blockchain, AI and digital identity become increasingly intertwined with financial services, governments, international organizations and industry will need to work together on common security measures and standards.
He urged countries to ensure that digital transformation does not leave vulnerable communities further behind.
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The post PVARA Chief’s demand for UN-led push on global digital finance regulation appeared first on Daily Pakistan English News.
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