Pakistan Underscores Consistent Policy on Israel Amidst International Speculation

During a community event in Dallas, Pakistan’s Ambassador to the United States, Rizwan Saeed Sheikh, clarified that Islamabad faces no pressure from Washington to recognize Israel. He addressed various national and international matters, emphasizing that Pakistan’s stance on Israel remains firm and is based on the principles of Quaid-e-Azam Muhammad Ali Jinnah.

“Our policy towards Israel aligns with Quaid-e-Azam’s ideology,” Ambassador Sheikh stated, noting that Pakistan’s perspective on this matter is rooted in enduring principles and is not subject to external influences.

These comments arise amidst ongoing speculation in global media concerning evolving dynamics in the Muslim world’s relationships with Israel. Pakistan, which does not have diplomatic relations with Israel, asserts that normalization can only occur following a fair resolution of the Palestinian issue.

During the recent conflict between Iran and Israel, Pakistan voiced support for Tehran’s right to defend itself against Israeli aggression.

Strengthening Pakistan-US Ties and Exploring Investment Opportunities

Regarding bilateral relations, Ambassador Sheikh mentioned that Pakistan-US relations are improving, with both nations collaborating to enhance cooperation in areas such as commerce, energy, and technology.

Responding to a question about investment prospects, he highlighted Pakistan’s substantial electricity reserves, which could support ventures like cryptocurrency mining – an emerging sector in the global digital economy.

Notably, Pakistan initiated the development of a comprehensive regulatory framework for digital and virtual assets last month, signaling a significant step by the government to officially oversee the expanding cryptocurrency landscape.

Crypto Councils and Regulatory Frameworks

Subsequently, both Islamabad and New York established dedicated Crypto Councils to foster responsible expansion of the digital asset sector.

Earlier this month, the federal cabinet formally sanctioned the summary for the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA), marking progress toward creating a legal and institutional structure for supervising the nation’s digital assets ecosystem.

Digital Currency Initiatives

As the nation intensifies efforts to modernize its financial system, State Bank of Pakistan (SBP) Governor Jameel Ahmad also indicated that the central bank is preparing to launch a pilot program for a digital currency and is finalizing legislation to govern virtual assets.

Central banks worldwide are investigating the use of digital currencies as interest in blockchain-based payments increases.

Pakistan’s initiative mirrors similar measures by regulators in China, India, Nigeria, and several Gulf states to evaluate or introduce digital currencies through controlled pilot schemes.