LAHORE (Web Desk): Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority, Bilal Bin Saqib, has said that blockchain technology has significant potential to transform the national economy and create new investment opportunities.
Addressing a discussion on the future of digital assets and banking at a private university in Lahore, he said Pakistan must adopt modern technology and financial innovation to secure a prominent position in the global financial sector.
He said digital assets and blockchain could help modernise the country's financial infrastructure. The scope of this technology is not limited to buying and selling Bitcoin and cryptocurrencies but can also help expand access to financial services for ordinary citizens and increase investment opportunities.
Bilal Bin Saqib said Pakistan was not merely adopting new technology but was also contributing to shaping future regulations of the global financial system.
He stated that Pakistan receives approximately $41 billion in remittances annually. Introducing modern financial systems could make money transfers more efficient, while reducing remittance costs by just 2 to 3 percent could generate an additional $1 billion benefit for the national economy.
According to the Minister of State, Pakistan must give top priority to modern technology and financial reforms to determine its own direction and role in the financial system of the future.