🚨🚨 #Pakistan🇵🇰🇵🇰DigitalPayments 🚨🚨

Pakistan Explores Blockchain to Simplify Remittances from Abroad 🇵🇰🔗

Key Points:

🌐 Major Remittance Recipient: Pakistan ranks among the top 10 countries globally in receiving remittances, with overseas Pakistanis sending over $31 billion in 2023-2024.

💸 High Transfer Costs: Traditional remittance channels often incur fees exceeding 5%, making transfers costly for senders and recipients.

🔗 Blockchain Adoption: The Pakistan Crypto Council (PCC) is exploring blockchain-based solutions to reduce costs and delays in remittance processes.

🎓 Investment in Education: Plans include investing in blockchain education and Web3 development to cultivate talent, promote employment, and drive economic growth.

⚖️ Regulatory Initiatives: The PCC is advocating for clear regulatory frameworks and exploring initiatives like tokenizing real-world assets, ensuring compliance with Financial Action Task Force (FATF) standards.

🤝 Strategic Partnerships: Collaborations with entities like Visa aim to enhance digital payment infrastructures, streamlining remittances and promoting digital transactions.

By leveraging blockchain technology, Pakistan aims to enhance the efficiency of remittance services, benefiting millions of its citizens.