Without an ounce of doubt, Pakistan’s digital footprint is increasing. With the country’s 63 percent population comprising youth, it is set to expand further from this point onwards.
The ruling Pakistan Tehreek-i-Insaf (PTI) positions itself as a party of the youth and has been envisioning a ‘Digital Pakistan’ for a couple of years now.
While the government is lost in the melancholy of its forward-looking vision, critics argue that the progress towards turning this dream into a reality has been slow and requires a rethink.
It must be understood that going digital is the answer to our administrative problems, economic woes, and various social issues like health care access and education.
The cryptocurrency boom is all upon us. The price volatility, particularly in this asset class amalgamated with a low barrier to entry, has resulted in a breeding ground for risk takers seeking a change of fortune in short-term trading.
However, Pakistan also needs to go hand in hand with digital assets. To tickle the needle on digital assets, our federal government needs to assign the ownership of the initiative to a resourceful entity and let it develop a proper roadmap in consultation with all concerned. The digital assets market and a centralized digital currency will help Pakistan take a better and nuanced policy decision on cryptocurrencies down the road.
For that, we need a proper policy direction, legislation, clarity on accounting and taxation, market infrastructure, reputed foreign partners, and assigned regulators, and sophisticated professionals who will take the show forward.
As a result, the model for the digital assets market will be set to meet the economic needs of our country rather than being in the mere convenience of global speculators.
I understand that it will take time and effort, but seeing the potential economic benefits of digital assets is well worth it.