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Pakistan wants more training in blockchain technology

thecoinrise.com 18 January 2022 00:10, UTC
Reading time: ~2 m

While speaking with a group of blockchain technology professionals, the President of Pakistan, Arif Alvi, advocated for more training in new technologies such as blockchain, cybersecurity, and artificial intelligence.

Alvi said Pakistan’s talent pool should be prepared to satisfy the requirements 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. The founding president of the Bitcoin Association Jimmy Nguyen was one of the experts on the panel.

President Dr. Arif Alvi had a meeting with an international delegation of blockchain experts, led by the Founding President of BSV Blockchain Association, Mr. James Nguyen, that called on him, at Aiwan-e-Sadr. pic.twitter.com/G4m4fRpJJy

— The President of Pakistan (@PresOfPakistan) January 17, 2022

State bank vs. Ministries

The meeting took place just hours before the president of the nation announced the appointment of Noor Muhammad Dummar as the nation’s senior finance minister for the Balochistan province. The federal ministries of finance and law in Pakistan have not passed a bill on a probable blanket ban on cryptocurrencies, but the State Bank of Pakistan has reportedly stated that crypto tokens like Bitcoin (BTC) are illegal and cannot be used for trade.

According to research released in October 2021 by crypto analytics firm Chainalysis, Pakistan had the third-highest rate of crypto adoption behind Vietnam and India, with transactions of over $10 million accounting for 28% of the total 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 funds from Binance wallets to unknown third-party wallets — some sources claim investors lost roughly $100 million – certain officials in the country appear to equate digital assets with fraud. In an effort to fight scams and money laundering, the Pakistan Telecommunication Authority is said to have blacklisted websites that trade in cryptocurrencies.

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