10 to 15 percent people doing digital business, says Aurangzeb

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said on Saturday that presently 10 to 15 per cent people in the country were doing business online, reported 24NewsHD TV channel.

Speaking at the workshop on the Leadership Summit on Blockchain and Digital Assets: Technology and Innovation in Islamabad, the finance minister said in the future more and more people in the country would turn to digital business. “We need to improve regulations related to digital investment,” he said, adding, “There is also a need to ensure transparency in digital investment.”

He asserted that Pakistan must accelerate its adoption of Blockchain, artificial intelligence (AI), cryptocurrency, and Web 3.0 technologies to strengthen the country’s digital economy.

The minister said the world had already made progress in this space, and Pakistan must not lag behind.

“Technology is all about being faster, cheaper and better. If blockchain, AI, crypto and Web 3.0 can, in the context of the economy, deliver that for Pakistan, that is what we are collectively shooting for,” he said.

He noted that the country’s economy was moving in the right direction and spoke about Pakistan’s successful exit from the Financial Action Task Force’s (FATF) grey list.
“The provision of facilities to traders and investors is the priority for the government,” Aurangzeb added. 

Highlighting the importance of remittances, which he termed the “lifeline of the country’s economy,” Aurangzeb revealed that several companies had approached the government and “are already intermediating these flows”.
He spoke about the establishment of the Pakistan Crypto Council (PCC) and announced that the first session of the Pakistan Virtual Assets Regulatory Authority (PVARA) will be held on Monday.

Aurangzeb reaffirmed the government’s commitment to providing an enabling environment for the private sector to lead economic growth. He emphasized the importance of embracing the new economy driven by innovation, digitalization and youth participation.

He said they have to accelerate our journey in terms of adopting transformative technologies like blockchain and digital assets, assuring government's full support. He noted that twenty to twenty-five million Pakistanis particularly young people are already engaged in digital asset-related activities in one form or another.

Calling it an opportune time to move forward, he underscored the importance of ensuring that all developments remain within a regulatory framework.