Pakistan is considering using blockchain technology to enhance its remittance process, which totaled over $31 billion in 2023-24. The chief adviser to the finance minister, Bilal bin Saqib, mentioned that the Pakistan Crypto Council (PCC) aims to investigate blockchain solutions to cut costs and delays associated with traditional remittance methods. Additionally, the PCC plans to promote education and development in blockchain and Web3 technologies to foster economic growth. Despite a ban on cryptocurrency trading, there’s a significant interest in digital assets in the country, particularly among the youth, prompting a need for a clear regulatory framework.
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