According to a Chainalysis analysis from October 2021, Pakistan was third in crypto adoption after Vietnam and India.
While meeting with a group of blockchain technology specialists, Pakistani President Arif Alvi advocated for more training in new technologies such as blockchain, artificial intelligence, and cybersecurity.
Alvi said Pakistan’s talent pool should be ready to fulfil the demands of the Fourth Industrial Revolution, which involves the use of blockchain technology in both the public and private sectors, in a Monday statement.
The technology, according to Pakistan’s president, might be used by the government to trace transactions, curb corruption, and promote transparency. Jimmy Nguyen, the founding president of the Bitcoin Association, was one of the experts on the panel.
Pakistan’s enthusiasm regardingcrypto adoption
The meeting took place only hours before Pakistan’s president announced the appointment of Noor Muhammad Dummar as the country’s senior finance minister for the Balochistan province. The federal ministries of finance and law in Pakistan have not passed legislation on a possible blanket ban on cryptocurrencies, but the State Bank of Pakistan has allegedly said that cryptocurrencies such as Bitcoin (BTC) are unlawful and cannot be used for trade.
According to research issued in October 2021 by crypto analytics company Chainalysis, Pakistan had the third-highest rate of crypto adoption after Vietnam and India, with transfers of moreover $10 million accounting for 28% of transactions. In 2021, the central bank of Pakistan indicated it was looking into the possibility of launching a digital currency.
Following a multi-million dollar crypto scam in which investors were deceived into transmitting cash from Binance wallets to unknown third-party wallets — some sources claim investors lost as much as $100 million – certain Pakistani authorities seem to equate digital assets with fraud. In an attempt to combat fraud and money laundering, the Pakistan Telecommunication Authority is said to have blacklisted websites that trade in cryptocurrency.
