In a surprising development, the Ministry of Science & Technology has partnered with Binance to hold Future Fest 2022, the ministry’s flagship conference and expo for bringing together Pakistan’s top tech startups, investors, innovators, and technology professionals. The expo will be held on March 25, 26 and 27 in Islamabad.
Making the announcement via Twitter, the ministry said, “The future is truly here! In an industry-first, historic step towards Web 3.0, we’re super excited to introduce Binance, the world’s largest crypto exchange as an official partner for Future Fest 2022”.
The official community account of Binance Pakistan acknowledged the ministry’s announcement in a follow-up tweet: “Proud to be working with the best industry talent. This event will make an impact on Pakistan’s ecosystem and will raise the benchmark in the tech industry, let’s all continue to listen, learn and solve based on insights”.
Proud to be working with the best industry talent. This event will make an impact on Pakistan's ecosystem and will raise the benchmark in the tech industry, let’s all continue to listen, learn and solve based on insights. 🙌🏻
— Binance Pakistan 🇵🇰 (@BinancePk) February 25, 2022
While the local crypto community has embraced this news with open arms, the development is mindboggling for many since the State Bank of Pakistan (SBP) states unequivocally that cryptocurrencies are illegal and cannot be traded. Moreover, the Federal Investigation Agency (FIA) recently approached the Pakistan Telecommunication Authority (PTA) to get websites dealing in cryptocurrencies in the country explicitly banned and outlawed.
Against the backdrop of such regulatory shackles and uncertainties, the involvement of Binance in this year’s Future Fest 2022 is incredible.
As mentioned earlier, the IT Ministry’s Future Fest is a three-day conference and expo bringing together the country’s tech startups, investors, innovators, and technology professionals, along with leaders from the public and private sectors, to pave the way for the future of Pakistan through the use of technology.
As per the event’s official byline, 50 of the top startups from Pakistan will get the opportunity to pitch their ventures in front of the right audience for a chance to win a fully-funded trip to Silicon Valley and other cash prizes.
There is no law against crypto in Pakistan. Sbp admitted this in court