Finance Minister Aurangzeb calls for adopting blockchain and digital assets
Finance Minister Muhammad Aurangzeb on Saturday urged
Pakistan to accelerate its transition toward blockchain technology and digital
assets, warning that failure to regulate the sector could expose the country to
sanctions and financial risks.
Speaking at the Leadership Summit on Blockchain and Digital Assets in Islamabad, Mr Aurangzeb highlighted the complexity of Pakistan’s banking system compared to global standards, stressing the need for reforms that enhance transparency, financial inclusion, and efficiency.
He expressed surprise at the absence of Bilal Bin Saqib, the
prime minister’s special assistant on blockchain and cryptocurrency, noting
that his role was central to advancing this agenda.
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The minister said Pakistan must draw on international models
from Dubai, Singapore, and the EU while safeguarding national interests. He
cited the establishment of the Pakistan Virtual Asset Regulatory Authority
(PVARA), whose first meeting is scheduled next week, as a milestone toward
building a balanced regulatory framework.
Aurangzeb cautioned that ignoring digital assets could
reverse progress on anti-money laundering and FATF compliance. “It took five
years to exit the grey list; we cannot afford to re-enter that cycle,” he said.
He noted that 20–25 million Pakistanis, largely youth, are
already engaged in digital assets, underscoring the urgency of structured policies
and education to harness this growing trend.
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Calling blockchain adoption critical for sectors such as
banking, remittances, IT, agriculture, freelancing, and energy, he pointed to
successful initiatives like blockchain-based e-KYC systems as examples of
efficiency gains.
“This is not just about keeping pace with global change—it
is about ensuring Pakistan’s rightful place in the new economy,” he said,
reaffirming the government’s commitment to creating an enabling environment
where the private sector leads growth, supported by academia and policymakers.
Source: Dawn