Aurangzeb Pushes for Blockchain, Digital Assets

Islamabad: Finance Minister Muhammad Aurangzeb has emphasized the need for a strategic shift towards blockchain and digital assets to build a new economy.

He highlighted the importance of a balanced regulatory framework, noting that 20 to 25 million youth in Pakistan are already connected to blockchain and digital assets.

Aurangzeb said that blockchain has the potential to revolutionize banking, remittances, IT, freelancing, and agriculture sectors. He added that the eKYC system eliminates duplication through blockchain, strengthening transparency and efficiency.

The Finance Minister warned that ignoring digital assets could increase risks related to KYC, AML, and FATF compliance.

He further announced that the first meeting of the Pakistan Virtual Asset Regulatory Authority will be held next week.

Aurangzeb stressed that Pakistan must learn from the models of Dubai, Singapore, and the European Union. He also underlined that collaboration between academia and the private sector is essential for the success of the new economy.

Finally, the Finance Minister said that Pakistan’s youth are the real drivers of this digital revolution.