Shibli Faraz, Minister of Science and Technology, stated on Wednesday that the Federal Government aims to legalise cryptocurrencies and the usage of Blockchain Technology in Pakistan. The news came while he was speaking at the inaugural Pakistan Blockchain Summit 2022 in Islamabad.
Shibli Faraz stated that the State Bank of Pakistan (SBP), Securities and Exchange Commission, and Finance Division are already working on a strategy to legalise cryptocurrencies and the usage of Blockchain Technology in Pakistan. He also stated that individuals are going to bitcoin without sufficient preparation; nonetheless, government oversight is necessary for loss protection and transparency.
He also stated that the Ministry of Science and Technology is initiating Blockchain Technology Pilot Projects in its three institutions, citing the fact that Blockchain would be a $20 billion business by 2024, with over 200 countries incorporating it into their systems.
According to the minister, banks can save eight to ten billion dollars each year by utilising blockchain technology, and the voting process can be made more transparent by utilising this technology.
Meanwhile, the Federal Investigation Agency (FIA) has requested that the Pakistan Telecommunication Authority (PTA) shut 1600 cryptocurrency websites in Pakistan. The FIA is also compiling a list of persons involved in cryptocurrency trading, and action will be taken against these individuals.