MoITT to Formulate Pakistan’s First Blockchain Policy

The Ministry of IT and Telecommunication (MoITT) has decided to form Pakistan’s first-ever blockchain policy. According to sources in MoITT, a committee consisting of experts has been formed to formulate the blockchain policy.

The representatives of the Pakistan Software Export Board (PSEB) and Special Technology Zone Authority (STZA) have also been included in the committee, whereas the member IT Ministry, Syed Junaid Imam, is also part of the committee.

According to sources, the committee will prepare an initial draft of the blockchain policy, after which the draft will be shared with the industry and finalized after industry input. Sources say that blockchain policy does not mean that Pakistan is going to allow cryptocurrency. Cryptocurrency is a small part of blockchain technology. The State Bank and Ministry of Law will decide on cryptocurrency under the direction of the Sindh High Court, the Ministry of IT and Telecommunication has nothing to do with it.

Experts have welcomed the Ministry of IT and Telecommunication’s move to formulate a blockchain policy. According to experts, blockchain is an emerging technology, and its use will improve the efficiency of many sectors as well as increase transparency. Pakistan has in the past done a trial test of this technology in the banking sector to bring remittance from Malaysia, and this experiment has proved successful.

According to experts, blockchain technology is the need of the hour and has applications in every sector. Mechanical industry, food industry, healthcare, property dealing, customs services, legal operations, stock exchange, data management, identity management, etc., can be changed to blockchain to avoid corruption and waste of time.