People turning to cryptocurrency without proper planning, says Shibli Faraz

Federal Minister of Science and Technology, Senator Shibli Faraz on Tuesday said that the people were turning to cryptocurrency without proper planning however the government control was essential for prevention from loss and ensuring transparency.

He further said that the government intended to regularize the cryptocurrency for which the State Bank of Pakistan, Securities and Exchange Commission of Pakistan and Finance Division were working.

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“We cannot separate ourselves from the affairs of the region,” he said while addressing the first Pakistan Blockchain Summit 2022 at a local hotel.

He said that his ministry had taken important steps to move towards the use of technology. As a part of such efforts, the ministry had developed the Electronic Voting Machine and formulated the Science, Technology and Innovation Policy.

The minister said that the blockchain would become a 20 billion market by 2024 and about 200 countries had somehow incorporated blockchain into their systems.

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The banks can save eight to ten billion annually by using blockchain while the voting process can be more transparent through using this technology.

The blockchain technology had also been used in EVMs, he said.
He said that the government was working on blockchain technology for transparency and accountability.

The Ministry of Science and Technology was launching blockchain technology pilot projects in its universities.

All three universities would bring their degrees on blockchain technology, he said adding, degree verification issues would also be resolved with the Higher Education Commission.

Speaking on the occasion, Minister of State and Chairman Board of Investment, Muhammad Azfar Ahsan said that the financial institutions were assuming a new shape with the advent of modern technology.

He said that Blockchain technology would revolutionize various fields.
He said that the Board of Investment was the secretariat of the Special Economic Zones and connects the central and provincial governments.

He said that the federal government was working to make business easier for the people.
Azhar Ahsan said that the Board of Investment has introduced 103 reforms in 24 sectors.