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Pakistan Eyes Blockchain to Revolutionize Overseas Remittances

Pakistan is turning to blockchain technology to modernize remittances from abroad. With over $31 billion sent home in 2023-24, the current system remains slow and expensive, often charging fees above 5%. A faster, cheaper alternative could be a game-changer for millions.

TL;DR

Pakistan is exploring blockchain to cut remittance costs and speed up transactions.

The Pakistan Crypto Council (PCC) is pushing for clear regulations while tackling concerns over illegal crypto outflows.

For many families in Pakistan, remittances are more than just money—they’re a lifeline. Saqib from the PCC argues that blockchain could eliminate middlemen, making transactions faster and cheaper. Imagine sending money instantly without excessive fees—sounds ideal, right?

However, cryptocurrency trading remains banned due to an outdated State Bank circular. Despite growing crypto adoption, many face regulatory uncertainty. With a tech-savvy youth eager for innovation, regulatory clarity could drive progress.

Saqib also highlights the risks of illegal crypto outflows worsening dollar shortages. Implementing robust KYC and AML measures is essential. As global trends shift, Pakistan may need to reconsider its crypto stance—especially in light of recent Southeast Asian developments.