Minister for Science and Technology Shibli Faraz says the government intends to regularize cryptocurrency in the country.

Addressing the first Pakistan Blockchain Summit 2022, in Islamabad, he said the State Bank of Pakistan, Securities and Exchange Commission and Finance Division are already working on the plan.

The Minister said blockchain will become a 20-billion market by 2024 and about 200 countries have somehow incorporated it into their systems.

He said people are turning to cryptocurrency without proper planning, therefore, government’s control is essential for prevention from loss and ensuring transparency in it.

Shibli Faraz said banks can save eight to ten billion rupees annually by using blockchain.

He said the Ministry of Science and Technology is also launching blockchain technology pilot projects in its three universities.