Finance Minister Muhammad Aurangzeb on Saturday reaffirmed the government’s commitment to supporting the private sector to lead economic growth, state-run Radio Pakistan reported.
The digitalisation of the tax system is viewed by the government as a pivotal step towards modernising tax collection, enhancing transparency and revenue growth, with the finance minister previously calling digital transformation a key priority.
Speaking at the Leadership Summit on Blockchain and Digital Assets in Islamabad today, Aurangzeb emphasised the importance of embracing a new economy driven by innovation, digitalisation and youth participation.
“We have to accelerate our journey in terms of adopting transformative technologies like blockchain and digital assets,” he said, assuring the government’s full support in this regard.
He noted that 20-25 million Pakistanis were already engaged in some form of activity related to digital assets, particularly young people.
“When 10-15 per cent are participating, mostly youth, you cannot ignore that,” he said. “That was the genesis of the entire discussion … How can we ignore this?”
He added that from his perspective, it was “a question of when, not if, we are going to get into trouble again as a country”.
“This cannot be a cause to go back to that situation.”
Calling it an “opportune time to move forward”, Aurangzeb stressed the need to ensure that all developments remained within a regulatory framework.
He highlighted the government’s commitment to financial inclusion, transparency and speed, saying that technology and automation was “all about being better, faster, cheaper”.
“When we go to open an account, even before the compliance section, we have a stack of documents,” he added. “Why do we need to repeat [the process] if you want to open the same or similar account in other banks? So it is good that we have moved into that discussion, where your documents can be uploaded with your consent when opening an account in one bank.”
On the topic of remittances, the minister said that a number of firms were already in discussions with the government as well as the special assistant to the prime minister.
“The goverment has taken initiative, starting with crypto and then Pvara (Pakistan Virtual Assets Regulatory Authority),” he said, referring to the regulatory body formed to oversee digital assets in July.
He added that Pvara’s first meeting would be on Monday afternoon, with the agenda including discussions on policy perspective.
“We need to make sure it’s Pakistan-first, that our interests are not compromised,” he said.
On Monday, the finance minister said the government was finalising an industrial policy aimed at fostering a business-friendly environment and accelerating industrialisation.
Last week, he directed ministries and partner organisations to fast-track the launch of three flagship social impact initiatives — subsidised energy-efficient fans, a skills development bond, and a national small farmer credit scheme.
In May, Prime Minister Shehbaz Sharif appointed Pakistan Crypto Council’s Chief Executive Officer Bilal Bin Saqib as his special assistant on blockchain and cryptocurrency, with the status of a minister of state.
