Bitcoin Press Release: In a historic day for Pakistan, the government has given the green light to legalise Bitcoin trading and cryptocurrency focused businesses in the country. This announcement follows the recent “Leaders in Islamabad” summit which was held on the 13th and 14th of March 2019. Details of the recommendations of the summit have been outlined by Business Recorder.
Co-chaired by Sam Lee (Founder of the not-for-profit Blockchain Centre), the team had high level meetings with the Prime Minister Imran Khan, President Arif Alvi, and the Minister of IT Khalid Maqbool Siddiqui. The delegation stimulated a successful dialogue that will drive the adoption and legalisation of Bitcoin and other digital assets in Pakistan. During the summit, Prime Minister Imran Khan conclusively stated that “Pakistan’s digital transformation cannot succeed without Blockchain”. In order to accelerate the development of domestic Blockchain capabilities, a Blockchain Centre will be established in the capital, Islamabad at the National Incubation Centre (NIC) which will facilitate a transfer of skills and knowledge to the region. Founded in 2014, there are currently 14 Blockchain Centres across 11 countries that work to globalise and localise talent and technology, as well as increase understanding to drive dialogue in regulating the process of issuing and trading digital assets in Pakistan.
Pakistan is in an ideal position to benefit from blockchain development. Free from the extensive legacy systems of the West, a digital transformation will be easier to implement and have a much higher impact on the country’s economy, with an estimated two hundred million people set to benefit from greater financial inclusion.
Moving forward, the Pakistan government sees legalisation as a way to gain better control of cryptocurrency trading. Australian delegation leader Sam Lee agrees with the sentiment, but highlights education and building trust between nations will be key components in strengthening the global economic ties in an ever more globalised world.
Similarly, in an effort to drive social change through peer to peer collaboration Mr Lee partnered with Layla Dong to found the blockchain services & consultancy firm, Blockshine which is headquartered in Australia. With a constantly expanding global reach, Blockshine has opened offices in five countries around the world, providing comprehensive business consulting and technology solutions to more than thirty blockchain startup companies to date.
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Sources
https://propakistani.pk/2018/02/06/fia-recommends-govt-declare-bitcoins-illegal-pakistan/.
https://news.bitcoin.com/pakistanis-find-ways-to-trade-bitcoin-rendering-ban-ineffective/
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