#TradingAnalysis101 Pakistan Explores Blockchain to Transform Overseas Remittances

Pakistan is setting its sights on blockchain technology to streamline remittances from abroad. With over $31 billion sent home in 2023-24, the current methods can be painfully slow and costly, often charging fees above 5%. Who wouldn’t want to save a few bucks on sending money back home?

TL;DR

- Pakistan is exploring blockchain to reduce remittance costs and transaction times, aiming for a more efficient process.

- The Pakistan Crypto Council (PCC) is advocating for sensible regulations while addressing concerns about illegal crypto outflows.

Remittances are not just cash; they’re a lifeline for many families in Pakistan. Saqib from the PCC believes blockchain could cut costs and eliminate middlemen, making transactions faster and cheaper. Imagine sending money without the wait or the hefty fees—sounds like a dream, right?

Yet, trading cryptocurrencies is still banned in Pakistan, thanks to an old circular from the State Bank. While the country has made strides in crypto adoption, many are left navigating a complex regulatory landscape. The youth, eager for innovation, could drive change if given the right tools and education.

Saqib warns about illegal crypto outflows worsening dollar shortages. Establishing clear KYC and AML regulations is crucial. As the world evolves, Pakistan might need to rethink its crypto stance, especially after recent developments in Southeast Asia.