regularize cryptocurrency

In the recent news, Federal Minister for Science and Technology, Senator Syed Shibli Faraz, has commented that the government plans to regularize cryptocurrency and allow the usage of blockchain tech as soon as possible in Pakistan. While conversing during the Blockchain Summit hosted in Islamabad on Tuesday, Shibli Faraz stated that the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), and Finance Ministry had all collaborated to help achieve this objective.

Government Working to Regularize Cryptocurrency in Pakistan

Furthermore, Shibli Faraz said the government aimed to bring digital currency in sync with the federal economy by first allowing to regularize cryptocurrency and then educating about its use to the everyday man. He said that SBP, SECP, and the Finance Division were uniting to make the change to digital assets and virtual currencies as smooth as possible.

Shibli Faraz also disclosed that the Ministry of Science and Technology would soon rollout three pilot projects based on blockchain tech at the National University of Science and Technology (NUST), COMSATS, and the National University of Technology (NUTECH). He further continued that along with the plans to regularize cryptocurrency, the government was also testing with blockchain tech to accomplish other pursuits as well. 

In addition to this, Federal Minister Shibli Faraz claimed that blockchain tech was employed in electronic voting machines and that using it in Pakistan would make voting more transparent. He commented that the blockchain tech industry would soon turn out to be a big market by 2024. He suggested that nearly 200 countries had adopted blockchain tech into their systems in some way. Using blockchain, banks could save $8 to $10 billion every year, he added.

Law and Finance Ministries to Submit a Comprehensive Report on Permitting Crypto

Moreover, SHC has instructed the Law and Finance ministries to conduct a collaborative study of cryptocurrencies and to propose an inclusive report explaining whether the said financial instrument should be banned altogether or should they regularize cryptocurrency as an authentic store of value based on an adequate legal framework. The report is expected to be presented before SHC on 12 April.

Read more: Federal Commerce Entity Submits Proposals for the Use of Cryptocurrency in Pakistan

Source: Pro Pakistani 


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