ISLAMABAD: Finance Minister Muhammad Aurangzeb has called on Pakistan to fast-track its adoption of emerging technologies such as blockchain, artificial intelligence (AI), cryptocurrency, and Web 3.0 to strengthen the digital economy and keep pace with the world.
Speaking at the Leadership Summit on Blockchain and Digital Assets: Technology and Innovation held at Serena Hotel on Saturday, Aurangzeb said global economies were already making headway in these areas and Pakistan must not be left behind.
“Technology is all about being faster, cheaper and better. If blockchain, AI, crypto and Web 3.0 can deliver that for Pakistan’s economy, that is what we are collectively aiming for,” he remarked.
Youth and digital growth
Aurangzeb highlighted that the country’s economy is heading in the right direction, pointing to Pakistan’s removal from the Financial Action Task Force (FATF) grey list as a positive milestone. He stressed the importance of transparency in digital transactions, while noting that 10 to 15 percent of Pakistan’s population, mainly young people, is already engaged in digital businesses.
Calling remittances the “lifeline of the country,” he revealed that several companies have approached the government to work on streamlining these flows through digital platforms.
Regulatory roadmap
On the policy front, the minister shared that the Pakistan Crypto Council (PCC) has been established, while the newly formed Pakistan Virtual Assets Regulatory Authority (PVARA) will hold its first session on Monday. The meeting will focus on setting a regulatory framework and reviewing key policy items.
Aurangzeb added that Pakistan is also benefitting from international collaborations and knowledge transfers, which can serve as templates for local adoption. “We don’t need to start from ground zero,” he said.
Industry sources estimate that Pakistan has more than 40 million crypto users, with an annual trading volume of nearly $300 billion taking place through informal channels. With over 70 percent of its population under 30, the country remains one of the most promising frontier markets for digital assets.
“The journey towards a new economy must be accelerated, and the ministry stands ready to assist,” the minister concluded.