- Cryptography opportunities in remittances, agriculture, real estate.
- PCC to develop the licensing system and income generation.
- Less than 0.24% cryptographic linked to illegal activity worldwide.
There are immense opportunities in Pakistan in the application of blockchain technology to different sectors, said the CEO of the Crypto Council of Pakistan and the main advisor of Bin Saqib Billal Minister of Billal Bin Saqib, while talking about the growing interest in digital currencies and blockchain technology in the country.
Appearing in Geographical news “PakGazette Pakistan” program, SAQIB said that the Government established the scope of PCC includes providing a regulatory environment for activity related to cryptocurrencies and activity related to the block chain and to introduce. The council mandate includes designing a licensing system and exploring models of revenue of activities related to cryptography.
According to SAQIB, Pakistan is currently among the main countries of the world in terms of cryptographic adoption, with approximately 20 million users. He highlighted Blockchain’s potential to transform the key sectors, particularly remittances abroad, with a value of more than $ 30 billion annually, as well as real estate and agriculture.
He said that the council work will focus on guaranteeing consumer protection through proper supervision. He added that a safe and regulated environment would help reduce the risk of losses and increase transparency in cryptographic space.
When addressing concerns about the misuse of digital currencies, Saqib cited global figures that show that only 0.24% of cryptocurrency transactions are linked to illegal activity. He stressed that, although bad actors exist in all new industries, technology itself should not be equated for them.
Saqib did not provide a schedule for when cryptography could legally legal in Pakistan, but said the efforts were underway to develop a comprehensive regulatory framework. He said the Council is learning from countries that have already legalized cryptography, with the aim of developing specific gifts from Pakistan.
Highlighting the need for a technological increase, Saqib emphasized that Pakistan’s young people are their greatest asset. He warned that Pakistan risked to be left behind in emerging technologies such as Blockchain and AI. He said that India had launched his national article of Blockchain in 2019 and began his year before, placing him 5-7 years ahead of Pakistan in these areas.
Saqib also referred to Pakistan’s position as one of the main independent markets in the world, but said that the implementation of poor policy has limited the ability of young people to stay competitive in global technological sectors.
