Pakistan to Explore Blockchain for Multibillion Dollar Remittances From Abroad
Blockchain technology could help improve the speed and lower the cost of cash transfers from migrant workers, Bilal bin Saqib said in an interview.
Key Highlights:
- Pakistan is investigating blockchain technology to streamline remittances, which are a significant source of income for the country.
- The Pakistan Crypto Council (PCC), led by Bilal bin Saqib, aims to create a clear regulatory framework for blockchain and Web3 innovation.
- Overseas Pakistanis sent over $31 billion in remittances during 2023-24 through traditional channels that are often slow and expensive.
- The PCC plans to explore blockchain-based solutions to reduce costs and delays, alongside investing in blockchain education and Web3 development