The potential of crypto assets in Pakistan can generate over $100 billion in total income for technology talent over the next twenty years, contributing significantly to the national economy.
The last few months have exponentially increased societal, investor, and policy interest in crypto, blockchain, and Web 3.0 technologies because Pakistan ranks third in terms of crypto adoption in the Chainalysis 2022 Global Crypto Adoption Index.
These observations were expressed by speakers at Pakistan’s largest Web 3.0 and blockchain event titled “W3B Summit” held at the National Incubation Center (NIC) in Islamabad.
The summit was organized by Teamup and National Incubation Center in partnership with S&P Global and Fasset and was attended by leading entrepreneurs, corporate leaders, technology professionals, and students. The event aimed to lay down the foundation for emerging technologies in Pakistan.
Zouhair Khaliq, former CEO of Jazz, a veteran corporate executive, and founding partner of Teamup and National Incubation Center Pakistan, welcomed the guests and delegates at the summit.
Highlighting the role of the NIC, he said, “I am glad to see NIC catalysing innovation in Pakistan and this event is part of our attempts to turn the country into a tech destination. There is tremendous potential in this field, and we must ensure Pakistan’s place in this rapidly developing landscape.”
Mujeeb Zahur, Managing Director of S&P Global shared his firm belief in understanding and supporting the development of technology as the best way forward. He said, “Technology is the only field that gives your economy and social progress an instant boost irrespective of your geo-political situation. It is a world without divisions and works on pure merit and talent. Pakistan has no dearth of either. I hope to see such events regularly and look forward to S&P Global partnering with them in the future.”
Monis Rahman, a leading entrepreneur, and Founder of Rozee.pk & Dukan.pk, spoke on the future of fintech and Web 3.0 in Pakistan.
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“I have complete faith in the overwhelmingly young and tech-savvy population of Pakistan to take technology and innovation to new levels and enable a strong position for Pakistan as an emerging technology,” he said.
Noshad Minhas, Country Head of Pakistan Fasset, said, “Pakistan is amongst the top three Web3 adopting nations in the world. It is home to some of the world’s best and brightest developers, researchers, and scientists in tokenization, digital assets, and blockchain technology.”
“In tandem with NIC, Fasset hopes to build awareness and educate the next generation of Web3 adopters on safe, responsible, and innovative development as well as the adoption of the future of this game-changing space. We believe that with the right building blocks, the talented youth of Pakistan can unlock $100 billion of potential economic growth,” he added.
It is noted that in sectors from financial services to retail, e-commerce, media and entertainment, healthcare, information technology, government and energy almost every sector is expected to adopt Web 3.0 blockchain.
Industry leaders and users see potential in the highly transparent nature of a decentralised Web 3.0, where all transactions are recorded and registered and can be easily traced. On the other hand, developers and IT teams invest in Web 3.0 due to the strengths of its rapidly developing technology.