Pakistan Fast-Tracks Cryptocurrency Adoption Amid Economic Shift
The Pakistan government is advancing plans to incorporate cryptocurrencies into its financial system, involving stakeholders like banks and foreign exchange companies. During a high-level meeting, the Pakistan Crypto Council highlighted virtual currencies' potential, with the government eager for rapid integration despite concerns about associated risks.
- Country:
- Pakistan
The Pakistan government is swiftly moving to incorporate cryptocurrencies into its financial landscape, signaling a significant shift in its economic strategy. According to recent reports, discussions are underway to facilitate adoption among banks, foreign exchange firms, and gold traders.
A high-level meeting held on Tuesday delved into integrating virtual currencies, with Pakistan Crypto Council CEO Bilal Bin Saqib presenting their potential benefits. Saqib, appointed as the Prime Minister's special assistant on blockchain and cryptocurrency, emphasized the revolutionary role of cryptocurrencies in the global economy.
Despite concerns over volatility, preparations for a digital currency pilot are progressing, with the State Bank of Pakistan and Finance Division collaborating on regulations. The initiative underscores a vigorous push for digital economic transformation, aiming to exploit virtual asset opportunities.
(With inputs from agencies.)
ALSO READ
RBI's Liquidity Boost Eases Pressure on Indian Banks
MTNL Defaults on Rs 8,585 Crore Loans to Major Public Sector Banks
Blockchain and green investment redefine profit strategy in global supply chains
ED Raids Expose Massive Rs 100 Crore Fraud in Bengaluru Banks
Independence at Risk: Central Banks Under Fire
Google News