• Crypto options in transfers, agriculture, real estate.
• PCC to develop a licensing system and revenue generation.
• Less than 0.24% crypto linked to illegal activity globally.

There are huge options in Pakistan to use blockchain technology to various sectors, CEO of Pakistan Crypto Council and Chief Advisor for Finance Minister Bilal Bin Saqib, said as he talked about the growing interest in digital currencies and blockchain technology in the country.

Appear on Pakinomist News The “Pakinomist Pakistan” program said, Saqib said the government established PCC’s scope includes the provision of a regulatory environment for cryptocurrency and blockchain-related activity and to introduce. Council’s mandate includes the design of a license system and exploring revenue generation models from crypto-related activities.

According to Saqib, Pakistan is currently among the best countries in the world in terms of crypto uptake with an estimated 20 million users. He highlighted the blockchain’s potential to transform key sectors, especially overseas transfers, worth more than $ 30 billion annually as well as real estate and agriculture.

He said the council’s work will focus on ensuring consumer protection through proper supervision. A safe, regulated environment, he added, would help reduce the risk of loss and increase the transparency in the crypto area.

Saqib, which deals with concern about the abuse of digital currencies, cited global figures showing that only 0.24% of cryptocurrency transactions are linked to illegal activity. He emphasized that although there are bad actors in every new industry, the technology itself should not be equated with them.

Saqib did not provide a timeline for when crypto may have become legal in Pakistan, but said there was an effort to develop a comprehensive regulatory framework. He said the council is learning from countries that have already legalized crypto, for the purpose of designing Pakistan-specific regulations.

Saqib, who highlighted the need for technological emerging, emphasized that Pakistan’s youth is its greatest asset. He warned that Pakistan risked falling behind in new technologies such as Blockchain and AI. He said India had launched its national blockchain paper in 2019 and began its AI program years earlier, which put it 5-7 years ahead of Pakistan in these areas.

Saqib also referred to Pakistan’s position as one of the world’s largest freelancing markets, but said that poor police implementation has limited the youth’s ability to remain competitive in global technological sectors.