IPRI holds roundtable on Web 3.0

ISLAMABAD: The Islamabad Policy Research Institute on Tuesday held a roundtable conference on “Web 3.0: The Economic Possibilities and Regulatory Framework Challenges”, which was attended by an alumni of experts from the public sector, banking, entrepreneurs and information technology, a statement said.

The transformation of the web-world and the dynamics of artificial intelligence were brought to fore and the speakers deliberated upon the challenges and concerns that the new geo-economics world is presented with in the form of Bitcoin and Cryptocurrency inventions and realities.

The intention of IPRI was to open space for discussion on the new digital landscape, to understand what Pakistan can extract through Web 3.0, and evolve a strategy and policy format in establishing a roadmap for Pakistan in this domain.

The speakers included Tariq Malik, chairman National Database Registration Authority (NADRA); Ambreen Iftikhar, member R&M, Federal Board of Revenue (FBR); Syed Murtaza Abbas, joint director of the Securities and Exchange Commission of Pakistan (SECP); Khurram Tasaduq, Regional Manager Wealth at the United Bank Limited (UBL); Haroon Baig, De-Fi journalist; Anooshay Shaigan, tech lawyer, Haseeb Awan, CEO of Efani, Zushan Hashmi, co-founder of ADANinjaz; Jibran, CEO and Founder of Manifest Studios and others.

They presented a holistic case as to how the new technology is making inroads and how Pakistan and the developing world is coping with the emerging realities in virtual finances and its applications in daily life.

The aspects of regulating and legalising Web 3.0 and associated technology, which includes crypto currency, blockchain, NFTs, and the metaverse were explored at length.

There was a consensus that Web 3.0 must be embraced as a new invention and the virtual transfer and transaction of wealth is the way to go. Nonetheless, the fears and concerns in the realms of regulations, scams and misuse of identity and data were also listed out earnestly.

The session was presided over by IPRI President former ambassador Raza Muhammad and moderated by Dr Hussain Nadim, executive director and Dr Aneel Salman, chair of economy at IPRI.