The crypto debate is raging these days, with many viewpoints on whether it should be banned or legalised. In addition, the FIA has begun a crackdown on cryptocurrency traders and trading programmes that are involved in frauds. On the internet, there were reports that the government might outlaw cryptocurrencies. Senator Syed Shibli Faraz, Pakistan’s Federal Minister for Science and Technology, has stated that the government of Pakistan intends to regulate cryptocurrencies and would soon legalise the usage of blockchain technology.
The minister stated that the government intends to integrate Bitcoin into the national economy by first regulating it and then teaching Pakistani citizens about its use.
Minister Shibli said the government would soon start working on blockchain projects.
Minister Shibli Faraz also stated this during his speech at the Blockchain Summit in Islamabad. Major institutions such as the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP), and the Finance Ministry, according to the minister, are working together to attain this aim.
In addition, the official said that the Ministry of Science and Technology will launch three blockchain pilot projects at the National University of Science and Technology (NUST), COMSATS, and the National University of Technology in the near future (NUTECH).
He went on to say that Pakistan’s government was looking at future blockchain technology for other purposes as well. They also stated that electronic voting machines were using blockchain technology, which would make voting much more transparent..
Blockchain Technology’s Importance:
By 2024, the minister said, the blockchain business will have grown into a massive market. He also stated that over 200 countries have incorporated blockchain into their systems in some way. Finally, he stated that banks might save $8 to $10 billion each year by implementing blockchain.
