Jimmy Nguyen, a Bitcoin SV supporter, recently met with Arif Alvi, President of Pakistan, and other BSV blockchain experts to discuss how more Pakistanis can be trained in blockchain technology, https://stockhax.com/reviews/merrill-edge-review/.
On Monday, President Arif Alvi announced that the country’s talent pool must be prepared to get more training in preparation for the fourth industrial revolution. The President believes blockchain technology will be a significant sector in the future and calls for additional training from experts in the field.
In recent years, global economies have been leaning towards artificial intelligence, cybersecurity, blockchain technology, and the widespread adoption of digital assets. The Pakistani government is on a mission to stay abreast of new technologies. It is no surprise that the government would select the BSV team for this. BSV uses Bitcoin’s original technology for securely storing and processing massive amounts of data. The blockchain can also provide functions similar to those of the internet, allowing its users more access and control over their data.
Delegating with Experts
President Alvi had a meeting with a group of experts in the crypto industry. These individuals are well-equipped with the knowledge of blockchain technology and other related aspects.
During the meeting, Alvi explained that these upcoming technologies could serve as government tools to monitor financial transactions, increase transparency and limit corruption. He emphasized the government’s lack of proper data-sharing software between parastatals.
The president stated that he hoped local IT startups affiliated with these new technologies would attract investors to the country, seeing that the Pakistani talent pool is already leading some of the largest tech companies in the world. He also pointed out that he would prefer a systematic and inclusive strategy to begin the country’s transition to blockchain technology functions. This means that the government needs to raise awareness and assure lawmakers and citizens of the land of the blockchain’s benefits to legal businesses and the government’s data management.
Jimmy Nguyen, the delegation’s leader, and the BSV’s founderelaborated on how the Bitcoin SV can be used for fintech, banking and payments, extensive data management, digital advertising, health care, customs, and even governing activities such as voting exercises. He explained that the blockchain and the BSV industry contribute to the growth of several governments in the world through these various functions.
At a Pakistani Blockchain Summit, held a few days after the meeting, Nguyen discussed with Coingeek reporters. He said that the BSV team is looking forward to helping Pakistan harness blockchain technology. He referred to the discussions held with the President and the Minister of Science and Technology, Mr. Shilbi Faraz. Further, He stated that the summit provided a great chance to network with the notable individuals dedicated to building a blockchain community in the country.
Following the meeting, the President announced the appointment of a new senior minister of finance to serve the country’s Balochistan Province, Noor Mohammad. The new minister, as well as other federal ministries of finance and law, has yet to release a statement on proposed legislation and policies seeking to ban the trade of cryptocurrencies in Pakistan potentially.
The Legality of Cryptos in Pakistan
The State Bank of Pakistan is arguing in support of banning cryptocurrencies. The central bank claims digital assets like Bitcoin should be declared illegal and prohibited from trade. This proposal will more or less push back the progress of crypto users and investors in the last decade.
According to Chinanalysis, a crypto analytic firm, Pakistan has the third-highest rate of cryptocurrency adoption as of October 2021. The two countries ranked first and second in the report are Vietnam and India. About $10 million in crypts have been traded in transfers, contributing to 28% of the global transactions. The State Bank also hinted that it had begun developing its digital currency, the Pakistan Central Bank cryptocurrency.
Despite these statistics, some politicians and legislators in the country believe that cryptos are being used to promote fraudulent activities in the country.
This notion was compounded by a crypto scam that shook so many investors; many crypto users were misled into depositing their coins into unknown third-party wallets, leading to a multi-million dollar loss for all involved. To prevent such a thing from happening again, the Pakistan Telecommunications Authority has blocked third-party websites which deal in crypto trades.