Govt to Soon Launch Blockchain Technology Projects: Minister Shibli

The crypto debate is on the cards these days with different notions regarding whether to ban it or regularize. Also, FIA started a crackdown on crypto traders and trading apps involved in scams. There were rumors circulating on the web that the government would ban cryptocurrency. However, in a turnaround, Federal Minister for Science and Technology, Senator Syed Shibli Faraz, has said that the government of Pakistan is planning to regularize cryptocurrency and will soon allow the use of blockchain technology.

The minister said that the government is intending to bring cryptocurrency in sync with the national economy by initially regulating it and then educating about its usage to the common citizens of Pakistan.

Govt to Soon Launch Blockchain Technology Projects: Minister Shibli

Moreover, Minister Shibli Faraz told this while addressing the Blockchain Summit in Islamabad. The minister said that major institutions like the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), and Finance Ministry are on the same page to help achieve this goal.

In addition to that, the official unveiled that the Ministry of Science and Technology would soon roll out three pilot projects related to blockchain technology at the National University of Science and Technology (NUST), COMSATS, and the National University of Technology (NUTECH).

He added that the government of Pakistan was examining futuristic blockchain technology to fulfill other objectives as well. Furthermore, they revealed that blockchain technology was used in electronic voting machines which would make voting much more transparent.

Significance of blockchain technology:

The minister envisaged that the blockchain industry would soon evolve into a huge market by 2024. Also, he also informed that around 200 countries had embraced blockchain into their systems in some manner. In the end, he added that by using blockchain, banks could save $8 to $10 billion each year.

Check out? Spain Sets New Rules for Influencers Promoting Cryptocurrency