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ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb stressed that with millions of Pakistanis, especially youth, already engaged in blockchain and digital assets, the country must embrace this shift as part of its new economy by fostering financial inclusion, transparency, and efficiency, while ensuring a balanced regulatory framework.
The minister was addressing a “Leadership Summit on Blockchain and Digital Assets: Technology and Innovation” held here on Saturday.
The event organised in collaboration with LUMS brought together stakeholders from academia, industry, and government to deliberate on the future of blockchain, digital assets, and emerging technologies in Pakistan.
Pakistan must accelerate shift to new economy, says Aurangzeb
The finance minister underscored the importance of embracing technological innovation to align with the global transition towards the digital economy.
He highlighted that while Pakistan is making strides in achieving macroeconomic stability, the next imperative is to actively participate in shaping the new economy driven by blockchain, artificial intelligence, and Web 3.0 technologies.
The minister noted that an estimated 20 to 25 million Pakistanis, primarily youth, are already engaged in blockchain and digital asset-related activities. “This scale of participation cannot be ignored,” he remarked, stressing the need for acknowledgment, education, and structured policy responses to harness this growing trend.
He emphasised three key drivers for blockchain adoption in Pakistan: financial inclusion, transparency, and speed. By enabling faster, cheaper, and more efficient transactions, blockchain and allied technologies can provide critical solutions for banking, remittances, agriculture, IT, freelancing, and energy. He cited successful initiatives such as the development of e-KYC systems through blockchain, which reduce duplication of compliance processes in banking, as practical examples of progress.
The finance minister also outlined the regulatory dimension of this transformation. He cautioned that given the scale of activity, ignoring digital assets could expose Pakistan to risks related to KYC, AML, sanctions, and monitoring, potentially reversing hard-earned progress on the FATF front. In this context, he highlighted the establishment of the Pakistan Virtual Asset Regulatory Authority (PVARA), whose inaugural meeting is scheduled for next week, as a milestone towards a balanced regulatory framework.
“We need to make sure it’s Pakistan-first, that our interests are not compromised,” he said.
Aurangzeb stressed that Pakistan must leverage international experience, drawing on models from Dubai, Singapore, and the EU, while ensuring that national interests remain paramount. He commended the support received from international experts and organisations in helping Pakistan fast-track it’s regulatory and policy frameworks.
Reflecting on the broader vision, the minister reiterated the government’s commitment to fostering an enabling environment while allowing the private sector to lead innovation, with academia providing knowledge and talent. “This trilateral partnership of government, academia, and private sector is essential to scaling up our journey into the new economy,” he stated.
He underlined the role of Pakistan’s youth as the driving force of this transition. “We must harness their energy, channel it through education and regulation, and integrate it into a system that strengthens the economy while safeguarding national interests. This is not just about keeping pace with global change—it is about ensuring Pakistan’s rightful place in the new economy.”
“When we go to open an account, even before the compliance section, we have a stack of documents,” he added. “Why do we need to repeat (the process) if you want to open the same or similar account in other banks; so it is good that we have moved into that discussion, where your documents can be uploaded with your consent when opening an account in one bank.
He emphasised that facilitating traders and investors is the government’s top priority, and all efforts are being made to ease the investment process.
The minister highlighted that the process of economic reforms is ongoing, the national economy is moving towards recovery, and it is essential to adapt economic priorities according to modern demands.
Aurangzeb pointed out that digital investment is cost-effective, fast, and transparent, which makes it crucial to ensure transparency and improve regulations in this sector.
He also acknowledged that, compared to other countries, Pakistan’s banking system is complex and needs to be simplified and modernised to meet current needs. On the topic of remittances, the minister said that a number of firms were already in discussions with the government as well as the special assistant to the prime minister.
The minister reaffirmed the government’s commitment to supporting all initiatives that accelerate Pakistan’s journey into the digital and blockchain-driven future.
Copyright Business Recorder, 2025
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