- Crypto opportunities in funding, agriculture, real estate.
- PCC to develop a license system and a generation of income.
- Less than 0.24% cryptography linked to illegal activity worldwide.
There are immense opportunities in Pakistan in the application of blockchain technology in different sectors, CEO of Pakistan Crypto Council and chief advisor to the Minister of Finance Bilal Bin Saqib, speaking of growing interest in digital currencies and blockchain technology in the country.
Appear on Geo News “Geo Pakistan” program, SAQIB said that the government established by the scope of the CCP includes the supply of a regulatory environment for cryptocurrency and activity related to blockchain and to be introduced. The advice mandate includes the design of a license system and the exploration of revenue generation models from activities related to the crypto.
According to Saqib, Pakistan is currently among the best countries in the world in terms of crypto adoption, with around 20 million users. He highlighted the potential of the blockchain to transform the key sectors, in particular the sending of funds abroad, worth more than $ 30 billion per year, as well as real estate and agriculture.
He said that council work will focus on consumer protection insurance through appropriate surveillance. A secure and regulated environment, he added, would help reduce the risk of losses and increase transparency in cryptographic space.
Responding to concerns about the abusive use of digital currencies, SAQIB cited world figures showing that only 0.24% of cryptocurrency transactions are linked to illegal activity. He stressed that if the bad players exist in each new industry, the technology itself should not be assimilated to them.
SAQIB did not provide a calendar for the moment when the crypto could become legal in Pakistan, but said that efforts were underway to develop a full regulatory framework. He said that the Council is learning from countries that have already legalized the crypto, with the aim of making specific regulations in Pakistan.
Stressing the need for a technological increase, SAQIB stressed that the youth of Pakistan is its greatest asset. He warned that Pakistan was likely to late in emerging technologies like blockchain and AI. He said India launched his national blockchain newspaper in 2019 and launched his AI program earlier years earlier, which took him 5 to 7 years before Pakistan in these regions.
SAQIB also described Pakistan’s position as one of the main independent markets in the world, but said that the poor implementation of policies has limited young people to remain competitive in the world technology sectors.