Monday, October 3, 2022

Pakistan MoITT will create a blockchain policy

The Pakistan┬áMinistry of Information Technology and Telecommunications (MoITT) has decided to create the country’s first blockchain policy. Insiders at MoITT say that a group of blockchain experts is already getting together to write a policy.

In addition, Syed Junaid Imam, who works for the IT Ministry, is on the committee, along with people from the Pakistan Software Export Board (PSEB). The Special Technology Zone Authority (STZA).

Reports say that the committee will come up with the blockchain policy and then send it out to the sector for feedback. Reliable sources say that the adoption of a blockchain policy is not likely to open the door for cryptocurrency in Pakistan. Blockchain technology is much bigger than just cryptocurrency. The Sindh High Court has given the State Bank and the Ministry of Law the power to regulate cryptocurrency. The Ministry of IT and Telecommunication has nothing to do with this process.

Industry experts say making a blockchain policy is a step in the right direction. The Ministry of IT and Telecommunications has taken note. Experts think that the widespread use of blockchain technology will increase transparency and efficiency in a wide range of industries. In the past, also Pakistan has tried using this technology in the banking industry to bring remittances from Malaysia. The results have been good.

Read more: Internet in Pakistan is down for the ninth time in a week

Experts agree that blockchain technology can be used right now in every industry. Blockchain technology has the potential to change a lot of different industries, like manufacturing, food and health care, real estate transactions, customs services, legal operations, the stock exchange, data management, identity management, and also many others, by making them more efficient and reducing the chances of corruption.

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