Pakistan is emerging as a significant player in the global cryptocurrency landscape, with an estimated 20 million users positioning the nation among the top countries for crypto adoption. Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC) and Chief Advisor to the Finance Minister, recently discussed the country’s burgeoning interest in digital currencies and blockchain technology during an appearance on Geo News’ program “Geo Pakistan.” Wikipedia

PCC’s Mission and Regulatory Framework:

Established by the government, the PCC aims to create a conducive regulatory environment for cryptocurrency and blockchain-related activities. Its objectives include developing a licensing system and exploring revenue generation models from crypto ventures. Saqib emphasized the council’s dedication to ensuring consumer protection through proper oversight, aiming to mitigate risks and enhance transparency within the crypto space.

Sectoral Integration and Economic Implications:

Saqib highlighted the transformative potential of blockchain technology across various sectors:​

  • Overseas Remittances: With annual remittances exceeding $30 billion, integrating blockchain could streamline transactions, reduce costs, and enhance security for overseas workers sending money home.​
  • Real Estate and Agriculture: Implementing blockchain solutions in these sectors can improve transparency, reduce fraud, and increase efficiency in property transactions and supply chain management.​

Addressing Concerns and Future Outlook:

Addressing apprehensions regarding the misuse of digital currencies, Saqib cited global data indicating that only 0.24% of cryptocurrency transactions are associated with illicit activities. He underscored that, like any emerging industry, bad actors exist, but the technology itself should not be maligned. While refraining from providing a specific timeline for the legalization of cryptocurrencies in Pakistan, Saqib noted that efforts are underway to develop a comprehensive regulatory framework, drawing lessons from countries that have already legalized crypto to tailor regulations suited to Pakistan’s context.

Call for Technological Advancement:

Saqib emphasized the necessity for technological upskilling, highlighting Pakistan’s youth as its greatest asset. He cautioned that Pakistan risks lagging in emerging technologies like blockchain and artificial intelligence. Notably, India launched its national blockchain initiative in 2019 and commenced its AI programs years earlier, placing it 5-7 years ahead in these domains. Saqib also pointed out that despite Pakistan’s status as a leading freelancing market, inadequate policy implementation has hindered the youth’s competitiveness in global tech sectors.

Conclusion:

Pakistan stands at a pivotal juncture in embracing cryptocurrency and blockchain technology. With a substantial user base and strategic initiatives led by the PCC under Bilal Bin Saqib’s guidance, the country has the potential to harness digital innovations for economic growth and technological advancement. However, realizing this potential necessitates the development of robust regulatory frameworks, sectoral integration, and a commitment to technological education and policy implementation.​