Web3 and the opportunities for Pakistan

blockchain

There is a need to understand blockchain technology as its use is on the rise. 

Blockchain technology is a digital ledger of transactions that is distributed across a network of computer systems.

Cryptoassets are the largest use case of blockchain currently. They serve as the token and medium of exchange for all applications of this technology. 

The technology has evolved to include far more than speculative assets and altcoins. The internet based on blockchain — Web3 — encompasses much more. It represents a movement that takes control away from the government and tech corporations and gives power to the people. 

Web3 presents an opportunity for Pakistan to capitalise on newer technologies and their demand. That can take various forms, ranging from crypto investments to building blockchain applications for global Web3 startups remotely. Pakistan is in third place on the Global Crypto Adoption Index. Its traded value spiked by 711 per cent to $20 billion during FY21. Irrespective of the importance of crypto assets, we can say that Pakistanis are into this game big time. 

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This popularity is scaring off regulators who have supported a ban on crypto altogether, thanks to its speculative nature and dollar outflows. 

Another reason is the terror financing, and money laundering concerns ever since Islamabad was put on the Financial Action Task Force’s grey list.

The world of crypto is rife with frauds, making it a sensitive issue due to FATF pressures. Meanwhile, outright bans are never really the solution to any problem. 

What the policymakers need to realise is the emerging world of Web3. 

Pakistan needs to build the talent pool for Web3 applications. 

True to their decentralised nature, various blockchain startups have distributed remote teams globally, which opens up the avenue for engineers and human resources in Pakistan to offer services to leading companies around the world. 

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