{"id":17001,"date":"2025-03-10T12:34:46","date_gmt":"2025-03-10T12:34:46","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=17001"},"modified":"2025-03-10T12:34:46","modified_gmt":"2025-03-10T12:34:46","slug":"pakistan-to-explore-blockchain-for-multibillion-dollar-remittances-from-abroad-adviser","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=17001","title":{"rendered":"Pakistan to Explore Blockchain for Multibillion Dollar Remittances From Abroad: Adviser"},"content":{"rendered":"
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Pakistan, one of the top 10 nations for remittances from abroad, may leverage blockchain technology to streamline the process, Bilal bin Saqib, chief adviser to the finance minister<\/a> and a member of the recently established Pakistan Crypto Council (PCC), said Monday.<\/p>\n

Overseas Pakistanis sent over $31 billion in 2023-24 via traditional channels that are often slow and expensive, Saqib told CoinDesk in an interview. Fees can exceed 5%.<\/p>\n

Remittances are earnings that migrants send back home, either as cash or as goods. The cash from abroad is a lifeline in many countries, where it acts as a buffer<\/a> during crises and a potential driver of sustainable growth.<\/p>\n

“The PCC will investigate blockchain-based remittance solutions to reduce costs and delays,” he said. “Additionally, we\u2019ll invest in blockchain education, upskilling programs, and Web3 development to cultivate talent, boost employment, and drive economic growth.”<\/p>\n

Blockchain technology could help improve fund transfers from overseas by disintermediating entities like correspondent banks, potentially reducing the cost of cross-border transactions significantly, the OECD observed<\/a> in 2020.<\/p>\n

Trading in cryptocurrencies and stablecoins remains prohibited in Pakistan under a 2018 circular from the State Bank of Pakistan (SBP) banning financial institutions from facilitating crypto transactions.<\/p>\n

Still, the country is one of the five Asian nations featured in Chainalysis’ 2024 Global Crypto Adoption Index. A significant percentage of the population is using digital assets to hedge against inflation and volatility in the foreign exchange rate and the broader economy.<\/p>\n

“This reflects significant demand despite the regulatory vacuum. With over 60% of Pakistan\u2019s 240 million people under 30, our tech-savvy youth are poised to drive blockchain and Web3 innovation,” Saqib said. “The PCC aims to unlock this untapped potential by advocating for a clear, progressive regulatory framework.”<\/p>\n

The PCC is also exploring initiatives like tokenizing real-world assets and establishing regulatory sandboxes while ensuring compliance with Financial Action Task Force (FATF) standards. The FATF removed Pakistan from the gray list in 2022.<\/p>\n

“Illegal crypto outflows are a concern,” he said “Without regulation, cryptocurrencies can facilitate untracked cross-border transactions, exacerbating dollar shortages. The PCC\u2019s first step is to establish a robust, transparent regulatory framework mandating know-your-customer (KYC) and anti-money laundering (AML) compliance for all crypto activities.”<\/p>\n

Regulatory policies are starting to evolve globally, including in Southeast Asia, in the wake of President Donald Trump’s support for the digital assets industry after winning the U.S. presidential election.<\/p>\n

Last week, Trump announced plans for a strategic bitcoin reserve, which will be formed from BTC and other coins seized during enforcement actions. Saqib wasn’t sure if such a move suited Pakistan.<\/p>\n

“While building a BTC reserve from seized assets could be appealing, Pakistan\u2019s crypto enforcement is nascent, and illicit holdings are rarely intercepted at scale. Any move toward a strategic reserve would require careful dialogue with the IMF and FATF to avoid jeopardizing international support or Pakistan\u2019s post-gray-list status,” Saqib said.<\/p>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Pakistan, one of the top 10 nations for remittances from abroad, may leverage blockchain technology to streamline the process, Bilal bin Saqib, chief adviser to the finance minister and a member of the recently established Pakistan Crypto Council (PCC), said Monday. Overseas Pakistanis sent over $31 billion in 2023-24 via traditional channels that are often […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-17001","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/17001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17001"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/17001\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}