Govt to Regularize Cryptocurrency in Pakistan and Launch a Blockchain Technology Project

Govt to Regularize Cryptocurrency in Pakistan

ISLAMABAD: Pakistan’s Minister for Science and Technology (Shibli Faraz) said that the Pakistan Tehreek-e-Insaf – PTI – led federal government plans to regulate cryptocurrency in Pakistan. He told this at the first Pakistan Blockchain Summit 2022 in Islamabad.

Moreover, he said the State Bank of Pakistan (SBP), Securities and Exchange Commission, and Finance Division have already started working on the plan.

He said blockchain will become a 20-billion market by 2024. And more than 200 countries have somehow integrated it into their techniques. People are shifting to cryptocurrency without the correct planning. That is why the Govt authority is crucial for preventing loss and providing transparency in it. Additionally, he said banks can save eight to ten billion PKR yearly by utilizing blockchain. And the Ministry of Science and Technology is also establishing blockchain technology pilot projects in its three universities. Pakistan presently has a $20 billion cryptocurrency,” he claimed, counting that they had offered ideas for enchasing the currency within Pakistan.

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