Pakistan plans to regularise cryptocurrency

08:16 PM | 19 Jan, 2022
Pakistan plans to regularise cryptocurrency

ISLAMABAD – Minister for Science and Technology Shibli Faraz revealed that the government intended to regularise cryptocurrency in the country.

Addressing the first Pakistan Blockchain Summit 2022, the minister said the State Bank of Pakistan, Securities and Exchange Commission and Finance Division are already working on digital currencies.

He said blockchain will become a $20 billion market by 2024 and about 200 countries have somehow incorporated it into their systems.

Faraz said people are turning to cryptocurrency without proper planning, therefore, government’s control is essential to save them from losses and ensure transparency in it.

He said banks can save Rs8 to 10 billion rupees annually by adopting blockchain technology.

He said the Ministry of Science and Technology is also launching blockchain technology pilot projects in its three universities.

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