Pakistan must embrace financial innovation and emerging technologies to become a prominent player in the evolving global financial landscape, rather than remain a consumer of technologies developed elsewhere, Minister of State and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib said on Monday. Addressing a dialogue on "Digital Assets and the Future of Banking" at the Lahore University of Management Sciences (LUMS), he said Pakistan needed to play an active role in shaping the rules of the emerging international financial system. He stressed that digital assets and blockchain technology offered opportunities to transform the country's financial infrastructure, expand financial inclusion and open up investment opportunities beyond cryptocurrency trading. The discussion was held with Pakistan Banks Association (PBA) Chairman Zafar Masud. Bilal said Bitcoin had served as a gateway to the wider digital assets ecosystem, while the level of adoption demonstrated the world-class talent of Pakistanis and their ability to adapt to the future of finance. He said the potential of blockchain technology extended far beyond Bitcoin and cryptocurrency trading, encompassing changes in the movement and storage of value, tokenisation, broader access to investment opportunities and programmable money. He added that these developments could significantly benefit Pakistan by promoting financial inclusion, making investment opportunities accessible to a wider population and transforming the country's financial infrastructure. He stressed that Pakistan should become a co-author of emerging global financial rules instead of remaining a consumer of technologies developed elsewhere. He said the country had previously remained outside discussions when international correspondent banking and card payment systems were established, adding that Pakistan continued to bear the cost of that exclusion. "The question is whether we want to rent our future or own our future," he remarked. Bilal said Pakistan needed to work closely with banks and the State Bank of Pakistan (SBP) to establish an enabling regulatory environment that encouraged innovation without compromising financial stability. He warned that the cost of inaction could be far greater than the risks associated with taking timely and responsible action. He said they were a lifeline for Pakistan, but much of the international money transfer infrastructure continued to rely on systems established decades ago. Even a reduction of two to three per cent in transaction costs on Pakistan's annual remittances of approximately $41 billion could channel an additional $1 billion into the grassroots economy, he said.