The digital divide: Pakistan’s missed opportunity

The world marches forward towards a digital future -- future marked by innovations in cryptocurrencies and blockchain technology. Pakistan remains dangerously far behind. Imagine, Chilean lawmakers are debating the merits of a Bitcoin reserve. Imagine, Brazilian lawmakers are championing digital currency adoption. Imagine, Pakistan continues to grapple with a seemingly endless cycle of political turmoil.

The Senate of Pakistan: Senator Ali Zafar, while chairing a panel, expressed regret over the ‘blackout of opposition speeches’ in parliament on state-run television. Information Secretary Ambreen Jan, who is also managing director of PTV, suggested that the issue might have been due to a “technical glitch”.

Congreso Nacional de Chile: Chilean legislators Gael Yeomans and Juan Santana are focusing on a groundbreaking bill that seeks to position Chile as a pioneer in digital finance by establishing strategic Bitcoin reserves.

The National Assembly of Pakistan: The Election Act Amendment Bill, introduced by Pakistan Muslim League-Nawaz (PML-N) lawmaker MNA Bilal Kayani, was passed by the National Assembly with a majority vote. The amendment bars independent lawmakers from joining other parties after a certain period, a move that sparked protests from the opposition Pakistan Tehreek-e-Insaf (PTI).

Camara dos Deputados do Brasil: Federal Deputy Eros Biondini has proposed establishing the Sovereign Strategic Reserve of Bitcoins (RESBit). The Reserve would be managed by Brazil’s central bank in partnership with the Ministry of Finance, utilising cold wallets for security.

The National Assembly of Pakistan: The ruling coalition passed a resolution in the lower house of parliament condemning a US congressional call for an investigation into allegations of rigging in the country’s February election.

The US Senate: Senator Cynthia Lummis (Republican-Wyoming) has introduced the BITCOIN Act to establish a strategic Bitcoin reserve to serve as an additional store of value to bolster America’s balance sheet.

The National Assembly of Pakistan: According to Zafar Sultan, spokesperson for the National Assembly, “The rats on the floor are so large that even cats might be afraid of them.” He added, “When there are usually no people here in the evening, the rats run around as if it’s a marathon.”

Asqqim n Imura: The Moroccan House of Representatives has formulated a regulatory framework for the crypto sector, developed with technical input from the International Monetary Fund (IMF) and the World Bank. The framework aims to balance effective regulation with fostering financial innovation.

The Senate of Pakistan: All 22 clauses of the 26th Constitutional Amendment Bill were approved. The amendment limits the tenure of the country’s top judge to three years, along with other changes.

Daehanminguk Gukhoe: Representative Park Chan-dae of the National Assembly of the Republic of Korea stated, “We have agreed to defer taxation on virtual assets for two years. After extensive discussions, we concluded that additional institutional frameworks are necessary for the taxation of virtual assets.”

The divergence in national approaches is striking. While our national discourse remains fixated on political theatrics -- container blockades, dharnas and civil disobedience -- countries like Vietnam, Thailand, Rwanda, Senegal, Ghana, Cambodia, Chile, Brazil, South Korea, Ukraine, Bhutan, El Salvador, Venezuela, Finland, Georgia, Bulgaria, Germany, Honduras and others are positioning themselves as players in the digital finance space. While we remain mired in cyclical political crises of our own making, the world around us is capitalising on digital finance to unlock new economic opportunities and attract billions in investments.