Thursday, June 20, 2024

President of Pakistan calls for more Blockchain Training

Jimmy Nguyen, the founder of the Bitcoin Association and a supporter of Bitcoin SV, was among the specialists that met with President Arif Alvi.

While meeting with a delegation of blockchain technology specialists, Pakistani President Arif Alvi advocated for more training in new technologies such as blockchain, artificial intelligence, and cybersecurity.

Alvi said Pakistan’s talent pool should be ready to fulfill the needs of the Fourth Industrial Revolution, which involves the use of blockchain technology in both the public and private sectors, in a Monday announcement. The technology, according to Pakistan’s president, might be used by the government to trace transactions, curb corruption, and promote transparency. Jimmy Nguyen, the founding president of the Bitcoin Association, was one of the experts on the panel.

The meeting took place just hours before Pakistan’s president announced the appointment of Noor Muhammad Dummar as the country’s senior finance minister for the Balochistan province. The federal ministries of finance and law in Pakistan have not passed legislation on a potential blanket ban on cryptocurrencies, but the State Bank of Pakistan has reportedly stated that cryptocurrencies such as Bitcoin are illegal.

According to research published in October 2021 by crypto analytics firm Chainalysis, Pakistan had the third-highest rate of crypto adoption, after only Vietnam and India, with transfers of more than $10 million accounting for 28 percent of transactions. In 2021, the country’s central bank indicated it was looking into the possibility of launching a digital currency issued by the bank.

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