Finance Minister Urges Pakistan to Embrace Digital Technologies

Federal Minister for Finance and Revenue, Muhammad Aurangzeb, has emphasized the critical need for Pakistan to expedite its integration of blockchain, artificial intelligence (AI), cryptocurrency, and Web 3.0 technologies. This push aims to bolster the nation’s digital economy and ensure its competitiveness in the global market.

Addressing attendees at the Leadership Summit on Blockchain and Digital Assets: Technology and Innovation workshop held at Serena Hotel on Saturday, the finance minister pointed out that global advancements in these domains are already underway, and Pakistan must keep pace to avoid falling behind.

“The core of technology lies in enhancing speed, affordability, and efficiency. If blockchain, AI, crypto, and Web 3.0 can deliver these benefits for Pakistan’s economy, that should be our collective objective,” he stated.

The finance minister highlighted that the nation’s financial landscape is progressing positively and underscored Pakistan’s successful removal from the Financial Action Task Force (FATF) grey list. He also advocated for enhanced transparency in digital financial activities.

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Aurangzeb mentioned that a significant portion of the population, approximately 10-15%, particularly the younger generation, is actively participating in digital ventures.

Stressing the importance of remittances as the “economic lifeblood” of the country, Aurangzeb revealed that numerous firms have approached the government and “are actively facilitating these transactions already.”

Regarding regulatory measures, the minister referenced the creation of the Pakistan Crypto Council (PCC). He also announced the inaugural session of the Pakistan Virtual Assets Regulatory Authority (PVARA) scheduled for Monday, where crucial policy matters and the development of a regulatory framework will be reviewed.

“We are fortunate to have secured international collaborations and successful model transfers. Instead of starting from scratch, we can adapt these established frameworks to suit Pakistan’s unique context.”

“We must accelerate our progress within the emerging economy, and the ministry is prepared to provide full support,” he concluded.

Industry sources indicate that Pakistan is becoming a promising emerging market for digital assets, boasting over 40 million cryptocurrency users and an estimated $300 billion in annual trading volume through informal channels.

Despite previous uncertainties in regulation, Pakistani youth have enthusiastically embraced blockchain technologies, with over 70% of the population being under 30 years of age.