Pakistan has co-hosted the first policy dialogue on tokenization at the United Nations, representing the developing world in discussions on the future of digital finance.

For the first time, an emerging economy from the Global South discussed emerging technologies and the future of finance at the UN.

The development was described as a major achievement for Pakistan on the global platform, highlighting the country’s role in shaping the future of digital financial systems.

Bilal bin Saqib said that the global financial system is being reshaped and the Global South must be part of the process of developing its rules.

He said that banning technology does not stop its use but only pushes the state out of the field.

According to Bilal bin Saqib, Pakistan completed the journey from an eight-year banking restriction to a regulatory framework for virtual assets within six months.

He said governments need to move at the pace of technology rather than the pace of committees.

The chairman of PVARA said tokenization could make remittances faster and cheaper.

Bilal bin Saqib also said that Pakistan is considering the tokenization of debt and Sukuk.

He further said that developing countries face major challenges, but their large populations can also create new opportunities in digital finance.