JAKARTA – Pakistan's President, Arif Alvi, called for additional training in new technologies including blockchain, artificial intelligence, and cybersecurity during a meeting with a delegation of blockchain technology experts.
In Monday's announcement, 17 January, Alvi said that Pakistan's talent pool should be ready to meet the needs of the Fourth Industrial Revolution, which includes the utilization of blockchain technology in the public and private sectors.
According to the Pakistani president, the technology can be used as a government tool to track transactions, reduce corruption, and increase transparency. Among the panel of experts is Bitcoin SV advocate Jimmy Nguyen, Founding President of the Bitcoin Association.
The meeting came shortly before the Pakistani president announced that they would appoint Noor Muhammad Dummar as Senior Finance Minister for the country's Balochistan Province.
Pakistan's Ministry of Finance and Federal Law has yet to legislate on a potential cryptocurrency ban in the country, but the State Bank of Pakistan reportedly argues that cryptocurrencies like Bitcoin are illegal and cannot be used for trading.
A report released by crypto analytics firm Chainalysis in October 2021 showed that Pakistan has the third highest rate of crypto adoption behind Vietnam and India, with transfers of more than US$10 million in the country representing 28% of transactions.
The country's central bank also said in 2021 it was studying the possible launch of Pakistan's central bank digital currency.
However, some officials in Pakistan appear to have linked digital assets to the scam following a multi-million dollar crypto scam in which investors were misled into sending funds from a Binance wallet to an unknown third party wallet. Even some reports show investors lost as much as 100 million US dollars.
The Pakistan Telecommunications Authority has also reportedly blocked websites related to cryptocurrencies in a bid to prevent fraud and money laundering.
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