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