The first-ever blockchain policy in Pakistan will be created by the Ministry of IT and Telecommunication (MoITT). A group made up of experts has reportedly been formed to develop the blockchain policy, according to sources in MoITT.
The group also includes representatives from the Special Technology Zone Authority (STZA) and the Pakistan Software Export Board (PSEB), as well as Syed Junaid Imam, a member of the IT Ministry.
Sources claim that the group will develop a preliminary version of the blockchain policy, which will then be sent to the industry for comment before being finalized. Sources claim that Pakistan will not permit cryptocurrencies because of the blockchain policy. Blockchain technology is a small component of cryptocurrency. The State Bank and Ministry of Law will make decisions on cryptocurrencies on behalf of the Sindh High Court; the Ministry of Information Technology and Telecommunication is unrelated to this.
The Ministry of IT and Telecommunication’s initiative to create a blockchain policy has been praised by experts. Experts claim that blockchain is a new technology whose application would boost transparency and efficiency across numerous industries. This technique was previously tested in Pakistan’s banking industry as a means of bringing remittances from Malaysia, and the trial run was a success.
Blockchain technology is the future and has uses in every industry, say experts. Blockchain can be used in the mechanical, food, healthcare, real estate, customs, legal, stock exchange, data management, identity management, and other industries to prevent fraud and time wastage.