ISLAMABAD: Minister for Finance and Revenue Senator Muhammad Aurangzeb on Saturday stressed the need of government, academia and private collaboration to shape Pakistan’s digital future as well as harnessing the Blockchain and digital assets for growth.
Addressing the ‘Leadership Summit on Blockchain and Digital Assets: Technology and Innovation’, which was organized in collaboration with LUMS, the minister stressed that with millions of Pakistanis, especially youth, already engaged in blockchain and digital assets.
The country must embrace this shift as part of its new economy by fostering financial inclusion, transparency and efficiency, while ensuring a balanced regulatory framework through collaboration between government, academia and the private sector, he added.
The event brought together stakeholders from academia, industry and government to deliberate on the future of blockchain, digital assets and emerging technologies in the country.
The minister underscored the importance of embracing technological innovation to align with the global transition towards the digital economy. He highlighted that while Pakistan is making strides in achieving macroeconomic stability, the next imperative is to actively participate in shaping the new economy driven by blockchain, artificial intelligence, and Web 3.0 technologies.
He noted that an estimated 20 to 25 million Pakistanis, primarily youth, are already engaged in blockchain and digital asset-related activities. “This scale of participation cannot be ignored,” he remarked, stressing the need for acknowledgment, education and structured policy responses to harness this growing trend.
He emphasized three key drivers for blockchain adoption in Pakistan: financial inclusion, transparency and speed. By enabling faster, cheaper and more efficient transactions, blockchain and allied technologies can provide critical solutions for banking, remittances, agriculture, IT, freelancing and energy.
He cited successful initiatives such as the development of e-KYC systems through blockchain, which reduce duplication of compliance processes in banking, as practical examples of progress.
He also outlined the regulatory dimension of this transformation. He cautioned that given the scale of activity, ignoring digital assets could expose Pakistan to risks related to KYC, AML, sanctions, and monitoring, potentially reversing hard-earned progress on the FATF front.
In this context, he highlighted the establishment of the Pakistan Virtual Asset Regulatory Authority (PVARA), whose inaugural meeting is scheduled for next week, as a milestone towards a balanced regulatory framework.
Senator Aurangzeb stressed that Pakistan must leverage international experience, drawing on models from Dubai, Singapore and the EU, while ensuring that national interests remain paramount. He commended the support received from international experts and organizations in helping Pakistan fast-track its regulatory and policy frameworks.
Senator Aurangzeb reiterated the government’s commitment to fostering an enabling environment while allowing the private sector to lead innovation, with academia providing knowledge and talent. He said this trilateral partnership of government, academia, and private sector is essential to scaling up our journey into the new economy.
The minister congratulated LUMS and the organizers of the summit for their leadership and reaffirmed the government’s commitment to supporting all initiatives that accelerate Pakistan’s journey into the digital and blockchain-driven future.
