The government of Pakistan is eyeing the blockchain technology for the growth of the capital market in the future. This is actually surprising as well as a positive message from the government especially in the light of the recent ban on all cryptocurrencies in Pakistan by the State Bank.
According to the Economic Survey 2017-18, “Blockchain technology is fundamentally changing the way people invest in companies. We could be looking at the next incarnation of the stock market. In Pakistan, the SBP has proven itself very progressive in the area of digital finance.”
This clearly implies that the government is seemingly gearing up to adopt the latest technology trends to promote growth in the Pakistani capital market. Globally, the financial industry and capital markets are working towards bringing innovation using the latest technology.
Pakistan owing to the concerns of anonymity and money laundering has stayed away from accepting any form of digital currency in the country. In the past, authorities including FBR and FIA have taken action against bitcoin traders in the country.
It is not just Pakistan, many central banks around the world have their own reservations about cryptocurrency. Recently, a UAE based startup introduced sharia-compliant cryptocurrency for Muslims backed by one of the oldest and stable assets around the world; Gold.