Pakistan plans to use blockchain technology to simplify the overseas remittance process

2025-03-10 20:38:22

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ChainCatcher news, according to CoinDesk, Bilal bin Saqib, chief advisor to the Finance Minister of Pakistan and a member of the newly established Pakistan Cryptocurrency Council (PCC), stated on Monday that Pakistan is exploring blockchain technology to simplify the overseas remittance process.

The PCC is advocating for a clear regulatory framework for blockchain and Web3 innovations and is exploring initiatives such as the tokenization of real-world assets while complying with the Financial Action Task Force (FATF) standards. In the fiscal year 2023 to 2024, overseas Pakistanis are expected to remit over $31 billion through traditional channels, but these channels are often cumbersome and costly, with fees potentially exceeding 5%. He stated, "The Pakistan Cryptocurrency Council will explore blockchain-based remittance solutions to reduce costs and minimize delays."

Additionally, there will be investments in blockchain education, skill enhancement programs, and Web3 development to cultivate talent, promote employment, and drive economic growth.

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