‘National crypto council establishment need of time’

LAHORE:Pakistan Furniture Council Chief Executive Officer Mian Kashif Ashfaq Sunday said the establishment of a National Crypto Council is need of the hour for Pakistan to capitalise the opportunities offered by digital currencies.

Presiding council board of directors meeting here, he said by creating a robust regulatory framework, promoting awareness, and fostering innovation, Pakistan can position itself as a forward-thinking player in the global digital economy. It’s right time to act now, as the world moves swiftly toward a decentralised financial future. He stressed the need to align the country with global trends in digital currencies and blockchain technology. As the world rapidly embraces cryptocurrencies and decentralised financial systems, Pakistan risks falling behind in this transformative economic shift. A dedicated regulatory body should provide the framework needed to harness the potential of digital currencies while mitigating associated risks.

Kashif Ashfaq said the primary role of council should be to create a comprehensive regulatory environment for cryptocurrencies. This includes defining legal statuses, taxation policies, and anti-money laundering (AML) measures to ensure transparency and security. By establishing clear guidelines, the council should foster trust among investors, businesses, and consumers, encouraging innovation and adoption in the digital finance sector.

He said moreover, the council must play a pivotal role in educating the public and stakeholders about the benefits and risks of cryptocurrencies. With proper awareness campaigns, Pakistan can combat misinformation and promote responsible usage of digital assets. This would also help in addressing concerns related to fraud, scams, and volatility often associated with cryptocurrencies, he added.

He said another critical function of the council should be to collaborate with international regulatory bodies and organisations to stay updated on global best practices. This would enable Pakistan to integrate seamlessly into the global digital economy, attracting foreign investment and fostering economic growth. The council should also facilitate the development of blockchain-based solutions for sectors of agriculture, healthcare, and supply chain management, driving efficiency and transparency, he concluded.

LCCI condemns terror attack

The Lahore Chamber of Commerce and Industry (LCCI) strongly condemned the recent acts of terrorism in Pakistan, which continue to threaten the peace and stability of the nation. In light of these heinous attacks, the LCCI reiterated its unwavering support for the government, military, and law enforcement agencies in their fight against terrorism and extremism.

The LCCI, under the leadership of President Mian Abuzar Shad extended its admiration for the sacrifices made by the Pakistan’s armed forces. Their unparalleled courage, dedication, and service to the nation ensure that Pakistan remains steadfast in the face of adversity. The sacrifices of our armed forces, which have consistently put the security and wellbeing of the nation above all, are a testament to their patriotism and resolve.

The LCCI urged the government to ensure that all necessary measures are taken to bring the perpetrators of these crimes to justice and prevent further incidents of terrorism.