Govt Intends to Regularize Cryptocurrency in Pakistan: Shibli Faraz

Minister for Science and Technology Shibli Faraz on Wednesday said the Federal Government intends to regularize cryptocurrency and the use of Blockchain Technology in Pakistan. The development came as he was addressing the first Pakistan Blockchain Summit 2022 in Islamabad.

Shibli Faraz said that State Bank of Pakistan (SBP), Securities and Exchange Commission and Finance Division are already working on the plan to regularize cryptocurrency and use of Blockchain Technology in Pakistan. He added that people are turning to cryptocurrency without proper planning, however, the Government control is essential for prevention from loss and ensuring transparency.

He added that Ministry of Science and Technology is also launching Blockchain Technology Pilot Projects in its three universities as Blockchain will become a 20-million market by 2024 and about 200 countries have somehow incorporated it into their systems.

The minister said that banks can save eight to ten billion annually by using blockchain while the voting process can be more transparent through using this technology.

Meanwhile, the Federal Investigation Agency (FIA) has contacted Pakistan Telecommunication Authority (PTA) to block 1600 cryptocurrency websites in Pakistan. The FIA is also preparing a list of individuals involved in crypto trading and action will be taken against these people.

Read more: FIA Wants PTA to Block 1600 Cryptocurrency Websites in Pakistan.

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