Pakistan’s Plans to Regulate Cryptocurrency Discussed by Science and Technology Minister

pakistan's plans to regulate cryptocurrency discussed by science and technology minister

Minister for Science and Technology, Shibli Faraz, revealed the Pakistan Tehreek-e-Insaf (PTI) government’s aim to regulate cryptocurrency within Pakistan. He shared this during the inaugural Pakistan Blockchain Summit 2022 in Islamabad.

Faraz highlighted that the State Bank of Pakistan, Securities and Exchange Commission, and Finance Division are actively collaborating on this initiative, as per Radio Pakistan’s report.

Emphasizing the significance of this move, Faraz pointed out that the global blockchain market is anticipated to reach 20 billion dollars by 2024, with around 200 countries integrating it into their systems to some extent.

He cautioned against the unregulated adoption of cryptocurrency, stressing the necessity of government oversight to mitigate risks and ensure transparency.

Furthermore, Faraz mentioned potential cost savings for banks through blockchain implementation, estimating annual savings of eight to ten billion rupees.

In addition to regulatory efforts, the Ministry of Science and Technology plans to launch blockchain pilot projects across three universities.

Earlier, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) presented proposals to Governor Sindh Imran Ismail regarding cryptocurrency’s utilization in Pakistan. FPCCI President Nasir Hayat disclosed the submission of three research papers on the matter to the governor.