Arif Alvi, currently President of Pakistan, called for more education on new technologies including blockchain, artificial intelligence and cybersecurity during a meeting with a delegation of blockchain technology experts.
In a statement on Monday, Alvi said that the pool of Pakistani talent must be ready to meet the needs of the fourth industrial revolution, which includes the use of blockchain technology in the public and private sectors. The Pakistani president said the technology could be used as a government tool to track transactions, reduce corruption and increase transparency. Among the experts was Bitcoin lawyer SV Jimmy Nguyen, founder of the Bitcoin Association.
The meeting took place shortly before the Pakistani President announced that he would appoint Noor Muhammad Dummar as Finance Minister of Balochistan Province. Pakistan’s federal financial and law enforcement agencies have not implemented a possible general ban on cryptocurrencies in the country, but the State Bank of Pakistan said cryptocurrencies such as Bitcoin (BTC) are illegal and cannot be used for trading.
A report published by crypto-analytics firm Chainalysis in October 2021 found that Pakistan has the third highest level of cryptocurrency adoption after Vietnam and India, with remittances of more than $10 million in the country accounting for 28% of transactions. The country’s central bank also said in 2021 that it was studying the possibility of introducing a digital currency for the Central Bank of Pakistan.
Related: Local Association Leader Says Pakistanis Have $20 Billion in Cryptocurrency
However, it appears that some Pakistani officials are linking the digital assets to a scam after a multi-million dollar crypto scam in which investors were misled by sending funds from Binance wallets to unknown third-party wallets – some reports suggesting that investors lost up to up to $100 million. . It is also alleged that the Pakistan Telecommunication Authority has blocked websites dealing with cryptocurrency in an effort to prevent fraud and money laundering.