Shibli
Faraz, Minister for Science and Technology, said the government intends to
regulate the corrupt currency in the country. In Islamabad, addressing the first Pakistan
Blockchain Summit 2022, he said that State Bank of Pakistan, Securities and
Exchange Commission and Finance Division were already working on the project. The Minister said that by 2024, blockchain
will have a market of 20 billion and about 200 countries
had somehow integrated it into their systems. ‘’People are turning to cryptocurrencies without proper planning,
so government control is necessary to avoid losses and ensure transparency in it,’’ he said. Shibli
Faraz said the blockchain could save banks between Rs 8 billion and Rs 10
billion a year. He said that the Ministry of Science
and Technology was also launching blockchain technology pilot projects at its
three universities.
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