This technology will boost the commercial platform and ensure efficiency and transparency in the administration of official institutions
The Prime Minister of Pakistan, Imran Khan, participated in a meeting where he presented the intention of his country to digitize governmental processes in that territory. Blockchain, being a decentralized technology, promotes unique records.
The piece of news was granted this Wednesday, April 17th. Among the aspects that the officials are taking into consideration in these projects are the benefits offered by information technology solutions, such as the blockchain technology, to government management. Khan said that some of these benefits would be of greater efficiency, transparency and the improvement in the provision of services by the Government.
The Special Assistant to the Prime Minister, Sayed Zulfiqar Abbas Bukhari, invited a team of Pakistani information technology experts from the United Arab Emirates to provide counsel to Khan about the steps to be taken in the digitization of government management.
Among the possible developments for Pakistan that were discussed at the meeting held in Islamabad is a high-quality commercial platform for Pakistan, since the improvement of the commercial sector could lead the country to the next level of efficiency in its financial relationships.
The Prime Minister believes that the digitalization of processes is a “fundamental” element to ensure efficiency and transparency in the administration of official institutions.
In that sense, Khan stressed that emerging technologies can help address some of the main obstacles that hamper the growth of the Pakistani economy.
“Digitization will also create much-needed synergies among government organizations to ensure the provision of services without friction and improve the ease of doing business in the country”, he said.
This is not the first time that Pakistan implements blockchain technology. The country began to welcome this technology last January thanks to the initiative of Telenor Microfinance Bank (TMB) and Valyou, based in Malaysia, for cross-border remittance service.
As part of the strategic plan of the Financial Action Task Force (FATF), Pakistan implemented a blockchain system in banking systems to prevent money laundering and attract workers’ remittances in Malaysia.
Although in the past Pakistan applied radical measures against cryptocurrencies, preventing local banks from making transactions related to them, the country seems to be more sympathetic to blockchain technology. Recently, the Finance Minister and Deputy Governor of the State Bank of Pakistan, Jameel Ahmad, even talked about the possibility of launching a cryptocurrency by 2025.
Previously, Abdi Qamar, a spokesman for the State Bank of Pakistan, said: “The deployment of blockchain technology does not mean that Pakistan has allowed international financial transactions in Bitcoin and cryptocurrencies, which are still banned in the country. The central bank has allowed the use of technology, which has thousands of uses”.
Bitcoin and other cryptocurrencies were banned by the State Bank of Pakistan in 2018 because the public institution considered that cryptographic currencies can be easily used to defraud the country’s residents.
By María Victoria Rodríguez