Aurangzeb Urges Fast-Track Adoption of Blockchain, AI and Crypto

ISLAMABAD: Finance Minister Muhammad Aurangzeb on Saturday called for Pakistan to accelerate its embrace of emerging technologies such as blockchain, artificial intelligence (AI), cryptocurrency and Web 3.0, terming them vital for strengthening the digital economy and keeping pace with global trends.

Speaking at the Leadership Summit on Blockchain and Digital Assets: Technology and Innovation held at Serena Hotel, the minister said countries around the world were already making headway in these sectors and Pakistan must not be left behind.

“Technology is all about being faster, cheaper and better. If blockchain, AI, crypto and Web 3.0 can deliver that for Pakistan’s economy, that is what we are collectively aiming for,” he remarked.

Youth and digital growth
Mr Aurangzeb said Pakistan’s economy was moving in the right direction, citing the country’s removal from the Financial Action Task Force (FATF) grey list as a positive milestone. He underscored the need for transparency in digital transactions and noted that 10–15 per cent of the population—mostly young people—was already engaged in digital businesses.

Calling remittances the “lifeline of the country,” he revealed that several companies had approached the government with proposals to streamline remittance flows through digital platforms.

Regulatory roadmap
The minister shared that the Pakistan Crypto Council (PCC) had been established, while the newly created Pakistan Virtual Assets Regulatory Authority (PVARA) would hold its first session on Monday to review key policy items and lay down a regulatory framework.

Mr Aurangzeb added that Pakistan was benefiting from international collaborations and knowledge transfers, which could serve as models for local adoption. “We don’t need to start from ground zero,” he observed.

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Industry sources estimate that Pakistan has more than 40 million crypto users, with an annual trading volume of nearly $300 billion conducted largely through informal channels. With over 70pc of the population under 30, Pakistan is seen as one of the most promising frontier markets for digital assets.

“The journey towards a new economy must be accelerated, and the ministry stands ready to assist,” the minister concluded.