Govt intends to regularize cryptocurrency in Pakistan: Shibli Faraz

ISLAMABAD: Minister for Science and Technology Shibli Faraz on Wednesday said that the Pakistan Tehreek-e-Insaf (PTI) led federal government intends to regularize cryptocurrency in Pakistan.

He was addressing the first Pakistan Blockchain Summit 2022, here.

Shibli Faraz said the State Bank of Pakistan, Securities and Exchange Commission and Finance Division are already working on the plan, reported Radio Pakistan.

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

He said people are turning to cryptocurrency without proper planning, therefore, the government’s control is essential for prevention from loss and ensuring transparency in it.Shibli Faraz said banks can save eight to ten billion rupees annually by using blockchain.

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

Earlier, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) had submitted proposals for the use of cryptocurrency in Pakistan to Governor Sindh Imran Ismail.

President FPCCI Nasir Hayat had said that they had submitted three research papers to the governor Sindh on Tuesday regarding the use of cryptocurrency.

Pakistan currently has a cryptocurrency of US$20 billion, he said adding that they had suggested proposals regarding encashing the currency within Pakistan.