Shibli Faraz, Minister for Science and Technology, stated on Wednesday that the federal administration led by the Pakistan Tehreek-e-Insaf (PTI) aims to legalise cryptocurrencies in Pakistan.
He was speaking at the inaugural Pakistan Blockchain Summit 2022 in Islamabad.
According to Shibli Faraz, the State Bank of Pakistan, the Securities and Exchange Commission, and the Finance Division are already working on the proposal, according to Radio Pakistan.
According to the minister, blockchain will be a $20 billion market by 2024, with about 200 countries incorporating it into their systems in some way.
He stated that because people are resorting to cryptocurrency without sufficient planning, the government’s regulation is crucial for preventing loss and maintaining transparency.
Shibli Faraz claims that using blockchain can save banks eight to ten billion rupees each year.
He also stated that the Ministry of Science and Technology is establishing blockchain technology pilot projects in three of its universities.
