Pakistan adopts blockchain KYC platform for financial institutions
Pakistan's central bank has approved blockchain KYC for banks, boosting security and efficiency with privacy measures, uniformity, cost savings, and smoother customer onboarding.
Pakistan's central bank has approved blockchain KYC for banks, boosting security and efficiency with privacy measures, uniformity, cost savings, and smoother customer onboarding.
In Vietnam, the focus was on learning; in Pakistan, it was connections; and in Nigeria, it was about synthesizing it into one finished product for Jimmy Nguyen.
Despite the potential of blockchain, its adoption rate in areas like Central and South Asia has yet to reach its full potential due to scalability, regulation, awareness, and governance challenges.
The State Bank of Pakistan’s CBDC pilot is expected to be carried out in stages, roping in the Pakistani commercial banks and a small clutch of participants before expanding to more cities.
Pakistan wants to lead artificial intelligence adoption and said it will train 1 million IT graduates in AI by 2027, just days after the government said it would ban digital assets.
Part of the conditions set by the Financial Action Task Force to remove Pakistan from its “grey list” was the ban on digital currencies, according to Minister of State for Finance and Revenue Dr. Aisha Ghaus Pasha.
eKYC platform Consonance will rely on blockchain to provide banks and financial institutions with a standardized framework to carry out Know Your Customer checks.
Pakistan is set on launching its CBDC by 2025, releasing new guidelines—with help from World Bank—for non-bank entities to aid the national government in the developing and execution process.
Arzish Azam was instrumental in devising the National Blockchain Strategy, working with the Bitcoin Association and says Pakistan can lead the blockchain revolution.
Real blockchain offers solutions that can resolve long-pending challenges enterprises face regularly, although it will take years for blockchain to take over the traditional business processes.
Retail giant Walmart is quietly making a foray into the metaverse, following the footsteps of other multinational companies that have now ventured into virtual goods and non-fungible tokens (NFTs).
The President of the Islamic Republic of Pakistan, Dr. Arif Alvi, has spoken positively about the benefits of blockchain technology following a meeting with a BSV blockchain delegation in Islamabad.