Speaking at the first Pakistan Blockchain Summit 2022 in Islamabad Shibli Faraz, the Minister of Science and Technology, announced that the government aims to legalize cryptocurrency in Pakistan.
He added that the State Bank of Pakistan, Securities and Exchange Commission, and Finance Division are already working on the idea.
According to him, the Ministry of Science and Technology is initiating blockchain technology pilot projects in three of its universities.
He claims that the government oversight is necessary to prevent loss and ensure accountability as people are using bitcoin without proper planning.
According to the Minister, blockchain will be a $20 billion market by 2024, and nearly 200 countries have implemented it into their systems in some way.
Blockchain, according to Shibli Faraz, can save banks eight to ten billion rupees each year.
Late December in 2021, Pakistan’s federal minister of communications and broadcasting, Fawad Chaudhry, had declared that the country has no immediate intentions to regulate cryptocurrencies.
He went on to say that the money has no guarantee and that using any digital currency only on the basis of market belief is not acceptable.
However, he did, concede that the world will eventually require a single digital payment system.
Despite the fact that the issue of regulating digital currencies remains unresolved in Pakistan, the country is among the top 15 in the world for digital currency adoption as of July 2021.
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