Pakistan must accelerate shift to new economy, says Aurangzeb

Federal Minister for Finance and Revenue Muhammad Aurangzeb has stressed the need for Pakistan to accelerate its adoption of blockchain, artificial intelligence (AI), cryptocurrency, and Web 3.0 technologies to strengthen the country’s digital economy.

Speaking at the workshop on the Leadership Summit on Blockchain and Digital Assets: Technology and Innovation at Serena Hotel on Saturday, the finance minister said the world has already made progress in this space, and Pakistan must not lag behind.

“Technology is all about being faster, cheaper and better. If blockchain, AI, crypto and Web 3.0 can, in the context of the economy, deliver that for Pakistan, that is what we are collectively shooting for,” he said.

The finance minister noted that the country’s economy is moving in the right direction and highlighted Pakistan’s successful exit from the Financial Action Task Force’s (FATF) grey list, while urging greater transparency in digital transactions.

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Aurangzeb shared that 10-15% of the country’s population, especially youth, is involved in digital businesses.

Highlighting the importance of remittances, which he termed the “lifeline of the country,” Aurangzeb revealed that several companies have approached the government and “are already intermediating these flows”.

On the regulatory front, the minister spoke about the establishment of the Pakistan Crypto Council (PCC) and announced that the first session of the Pakistan Virtual Assets Regulatory Authority (PVARA) will be held on Monday. The session will review key policy items and discuss how to move forward with a regulatory framework.

“We have been very blessed in terms of getting some international collaborations and international success transfers. We don’t need to start from ground zero and use those templates and see whether it works for Pakistan or not.”

“We have to accelerate our journey in terms of the new economy, and the ministry stands ready to assist,” he concluded.

Pakistan is emerging as one of the most promising frontier markets for digital assets, with over 40 million crypto users and an estimated annual trading volume of $300 billion occurring through informal channels, according to industry sources.

Despite previous regulatory ambiguity, Pakistani youth have been early adopters of blockchain technologies, with over 70% of the population under the age of 30.