Pakistan is considering utilizing blockchain technology to enhance its remittance processes, as stated by Bilal bin Saqib, chief adviser to the finance minister. With over $31 billion sent from abroad in 2023-24, the aim is to lower transaction fees and streamline transfers for overseas Pakistanis. The newly established Pakistan Crypto Council (PCC) will investigate blockchain solutions and promote blockchain education, while also advocating for a regulatory framework to ensure compliance with financial standards. Despite a ban on cryptocurrencies, there is significant digital asset usage in the country, especially among the youth.
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