President of Pakistan, Arif Alvi, during a meeting with a delegation of blockchain technology experts called for additional training in new technologies including blockchain, artificial intelligence, and cybersecurity.
In discussion with delegations of bitcoin experts, Alvi expressed his view on the growing success of adopting blockchain technology that could benefit both public and private sector and points toward the talent pool to be ready to fulfill the need of fourth industrial revolution.
He further said that the government can use this technology to trace transactions, fight corruption, and increase transparency. Jimmy Nguyen, the founding president of the Bitcoin Association, was among one of the experts on the panel.
Noor Muhammad Dummar was appointed, as the country’s senior finance minister for the Balochistan province, in an announcement by Arif Alvi just hours before the meeting took place.
After Vietnam and India, Pakistan had the third highest rate of crypto adoption, with transfers of more than $10 million accounting for 28 percent of transactions. According to a research from Chainalysis.
The central bank of Pakistan, in 2021, indicated it was looking into the possibility of launching a digital currency. But following a million dollar crypto scam some Pakistani officials have linked these assets to scam. The Pakistan Telecommunications Authority (PTA) has blocked some websites to prevent fraud and money laundering.
Although Pakistan’s federal ministry of finance and law has not issued laws on a possible full ban on cryptocurrencies, the State Bank of Pakistan has stated that cryptocurrencies like Bitcoin (BTC) cannot be used for trade and are illegal.
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