Though the country is still far away from decentralized digital currency module, the business organizations are increasingly opting for digital payments and online preparation of documents. A digital currency system allows direct transactions between users without any intermediary or any bank and has growing popularity in the business circles in the world. The country’s finance ministry and the central bank will have to prepare themselves for the new technology as the paper and plastic currencies are heading toward elimination and the future is not far off when only cryptocurrency and a digital payment system will prevail.The transactions are digitally verified without a central repository or single administrator. The software developers are also need encouragement for the development of new applications to enable people to electronically sign business documents, which will not only save time and energy but spur business activities. However, the policymakers are required to give legal cover to the digitally signed business deeds and related matters. Pakistan’s software industry is growing with massive increase in overseas client age. The urgent need for the IT industry is the establishment of online banks such PayPal and Payoneer in the country to facilitate transfer of money to the software developers in Pakistan.
According to economists, software engineering is the future of the world as apps are being made for every section of life and every sector of the economy. If mode of payments and transactions are digitalized, it will speed up business activities in the given field. The future of business and trade lies in development of digital economy as it is great possibility for the cryptocurrency to overtake traditional as well as plastic currency. It is also possible that a new unified digital currency takes over all the money transactions of the world in a few decades. It is good omen that Pakistan has made remarkable progress in IT industry, but irony is that all the achievements are based on individual efforts and without support from any local or the world organization. Under the government sponsorship, the National Database and Registration Authority is a success story. The government’s introduction of the Electronic Transaction Ordinance in 2002 was a good effort to legalize the signing of documents electronically. The world is changing at a fast rate and we as a nation will have to keep pace with it.
