Pakistan plans to use blockchain technology to simplify overseas remittances

Odaily News Bilal bin Saqib, chief adviser to Pakistan's finance minister and member of the newly formed Pakistan Cryptocurrency Council (PCC), said on Monday that Pakistan is studying blockchain technology to simplify the overseas remittance process. The PCC is advocating for a clear regulatory framework for blockchain and Web3 innovation, and is exploring initiatives such as tokenizing real-world assets while complying with Financial Action Task Force (FATF) standards. In 2023-2024, overseas Pakistanis remitted more than $31 billion through traditional channels, but these channels are often cumbersome and costly, with fees that can exceed 5%. He said: "The Pakistan Cryptocurrency Council will study blockchain-based remittance solutions to reduce costs and delays. In addition, it will invest in blockchain education, skill improvement programs and Web3 development to cultivate talent, promote employment and drive economic growth." (CoinDesk)