CandleFocus Pakistan to Explore Blockchain for Multibillion Dollar Remittances From Abroad: Adviser
2025-03-10
Author: Content Editor
Pakistan is considering leveraging blockchain technology to streamline the remittance process. Bilal bin Saqib, a member of the Pakistan Crypto Council (PCC), stated that the PCC will investigate blockchain-based remittance solutions to reduce costs and delays. Currently, remittances sent by overseas Pakistanis through traditional channels can be slow and expensive, with fees exceeding 5%. Blockchain technology has the potential to disintermediate entities like correspondent banks and significantly reduce the cost of cross-border transactions. While trading in cryptocurrencies is prohibited in Pakistan, the country is featured in Chainalysis' 2024 Global Crypto Adoption Index, indicating a strong demand for digital assets. The PCC aims to advocate for a clear regulatory framework and explore initiatives such as tokenization of real-world assets. The council is also focused on ensuring compliance with KYC and AML regulations to prevent illegal crypto outflows.
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