ISLAMABAD, August 20. /Dunyo IA/.  Ambassador of Uzbekistan Alisher Tukhtaev met with Minister of State for Blockchain and Cryptocurrencies of Pakistan and Head of the Virtual Assets Regulatory Authority Bilal bin Saqib, reports Dunyo IA correspondent.

During the conversation, the parties discussed prospects for expanding Uzbek-Pakistani cooperation in the fields of blockchain technologies, digital financial infrastructure, virtual assets and artificial intelligence.

An exchange of views also took place regarding the mutual sharing of regulatory experiences in this field, the signing of relevant cooperation agreements, the implementation of joint projects and the establishment of direct dialogue mechanisms between the competent state and financial institutions of the two countries.

During the meeting, the Pakistani side was briefed on Uzbekistan's experience in regulating the crypto mining sector, the active legal mechanisms, statutory requirements in this area, as well as the conditions and incentives created for investors.

In particular, the Pakistani representative expressed great interest in the creation of the “Besqala Mining Valley” special mining zone in Karakalpakstan. It was noted that this territory offers special conditions for conducting mining activities utilizing renewable energy sources, as well as other energy sources permitted in accordance with the procedures established by legislation.

Minister Bilal bin Saqib, for his part, provided information on the ongoing work in Pakistan to form a modern and effective system of state regulation for the virtual assets market. He emphasized that the leadership of Pakistan views this sector as one of the most promising avenues for the digital transformation of the national economy, the introduction of innovative technologies and the attraction of new investment opportunities.

In this regard, it was emphasized that one of the primary tasks in Pakistan is the development of a balanced regulatory model that, while ensuring state control, financial stability and information security in this rapidly evolving sector, will not create unnecessary barriers to technological innovation and the influx of investment.

“At the invitation of the Central Bank of Uzbekistan, I look forward to my visit to your country to participate in the first Silk Road Finance and Technology Forum, which will be held in Tashkent on August 24-26^th of this year, Minister of State said. - During the visit, we plan to become better acquainted with Uzbekistan's advanced experience in this field, discuss opportunities for implementing promising joint projects, and directly study the potential of the special mining zone in Karakalpakstan”.

Furthermore, the parties noted the establishment of direct cooperation between the specialized financial institutions of the two states as a highly promising direction.

In particular, the Pakistani side expressed interest in exchanging experience with the Central Bank of Uzbekistan on matters concerning the formulation of state policy in the field of digital and virtual assets, the improvement of the regulatory and legal framework, the introduction of effective regulatory mechanisms and the development of digital financial infrastructure.

At the conclusion of the meeting, the parties agreed to continue the dialogue toward the consistent development of cooperation in such rapidly expanding sectors as blockchain technologies, virtual assets, digital finance and artificial intelligence.