It has now become inevitable for us to ignore the growing popularity and acceptance of digital currencies and their trade. It’s high time that we align ourselves with the future and start monitoring, at a micro level, trading of digital currencies and provide it a legal cover so our population can benefit from its various applications. The only way forward, then, is for us to get all the stakeholders on one page and start a national dialogue constructive discussion to move in the right direction.
Digital or cryptocurrencies, the majority of whom utilize the Blockchain technology, are a global and undeniable reality. These currencies are growing at a breakneck speed and are being adopted by various first-world governments, multi-national, multimillion-dollar businesses, and vendors across the world. The success and growing acceptability of these currencies can be gauged from the fact that in a relatively little time, the cryptocurrency industry has hit the market capitalization of more than 600 billion dollars. Additionally, a survey conducted last month revealed that the number of individual users of cryptocurrency wallet on the internet has surpassed the 12 million number.
This global success demands the undivided attention of the government of Pakistan and its relevant authorities, so they can help the country’s economy by utilizing the many benefits offered by the cryptocurrency industry. To start with, the government should begin offering professional education on cryptocurrencies in our colleges and universities and provide a cover of legal framework and regulations to the people involved in the business of cryptocurrencies so they can grow their business in a legal way.
These views were expressed by Mr. Jamal Azhar, the Chairman of the Digital Currency Association (DCA) of Pakistan, yesterday at the inauguration ceremony of the Association at a hotel in Karachi. The event was attended by the Chairman of the Blockchain Alliance and Ex-Additional DG FIA, Mr. Ammar Jafferi, Ex-Secretary Election Commission and the Patron of the Digital Currency Association, Mr. Kanwar Mohammad Dilshad, the head of the SDG Academy, Professor Rao Ikram Shahid, the head of EdgeBox, Rashid Jamal, well-known Anchorperson, Waqar Zaka, and other members of the DCA namely Rehan Ansari, Mohammad Idrees, Zafar Hussain, and Sheikh Rashid Alam.
While briefing the media, the Chairman of DCA Pakistan said that the Blockchain technology has had a revolutionary effect all over the world and the professionals associated with Blockchain have gained immense importance at a global level. He added that the DCA is planning to introduce Blockchain business schools all over Pakistan with the help of international partners. These schools will help the youth of Pakistan get acquainted with this revolution and help them master this technology so they can stand shoulder-to-shoulder with their counterparts in developed countries.
He further added that the DCA is going to organize a grand digital business convention next month, the purpose of which is to bring the relevant authorities and people associated with this business on one platform. They will be joined by international experts and other relevant stakeholders who will lend a helping hand so formulate a strategy to stop scams, frauds, and illegal activities associated with the digital currency universe.
The guest of honor at the ceremony, Mr. Ammar Jafferi, said that time and technology are unstoppable and any steps to stop them have proven to be futile. He also noted that employing the Blockchain technology can not only help curb the nuisance of corruption in the government and private sectors but is also a game-changer for the economic future of Pakistan. He further added that the government should understand the importance and implications of the Blockchain technology and encourage the use of this technology instead of trying to limit its use. At the end he said that the parliament should immediately start considering to formulate regulations for the legal use of the Blockchain technology for the betterment of Pakistan.
Speaking to the audience, Mr. Kanwar Dilshad said that providing opportunities for employment to the people is the primary responsibility of the government of Pakistan and looking at the conditions, we can say that the we are surrounded by problems such as limited resources that are way less than what’s actually needed. We have to think of innovative ways to provide employment to our youth and help them establish themselves. The world we are living in is focused on knowledge economies and is rapidly moving towards digital assets, and we have to catch up as soon as we can. He called on the FPCCI to immediately start a digital chamber of commerce so we can move to becoming a developed country from a developing one.
The end of the event saw the DCA Pakistan, Blockchain Association, and GSD Academy sign a memorandum of mutual understanding.