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LAHORE, Jan 19 (APP):Advisor to Finance Minister Khurram Schehzad said on Monday that “Digital Nation Pakistan 2025” is not just a project but a comprehensive vision, under which the government is aiming to transform Pakistan into a digitally-empowered nation through improved governance, a robust digital economy, and an inclusive digital society by creating digital identities, digital public infrastructure, and streamlined online services for citizens and businesses, ensuring data privacy, and fostering innovation.
He was addressing the FinTech Forward Forum on the occasion of 27th ITCN Asia held here at Expo Center.
Khurram Schehzad said that currently 99 percent of government files are being transferred digitally from one ministry to another under E-Office platform, which has eliminated problems like loss of data or delay of decisions with performance accountability through the tracking system, which is ensuring transparency and credibility in the system as well.
Khurram Schehzad said, the government has a clear goal to have 120 million bank accounts and all government-to-government (G2G) transactions to become 100 percent digital, while the entire government system will be put on digital foundations this year.
Through PVARA, he said, crypto holders will be able to become part of the formal digital economy. Tax incentives are also being worked on and various options are being discussed in this regard.
To a question, he said that special incentives are being planned to be offered to investors under the industrial policy, while small loans are being given to SMEs, agriculture and youth to start businesses so that they can become self-sufficient. Skill bonds are also being issued to encourage skilled individuals, he added.
Emphasizing on the government’s role in digital economy, he said, the primary responsibility of the government is to provide a conducive environment for innovation and create a supportive policy framework for emerging technologies.
He said, the government is actively formulating policies to empower the youth, especially in the modern financial and digital sectors.
Discussing regulatory and institutional issues, Khurram Schehzad said that the establishment of a special framework or virtual assets regulatory authority to regulate and better understand crypto assets is being considered, however, Pakistan is in the early stages in this field.
He gave the example of the United Arab Emirates and said that a structured and effective system for virtual assets is already in place there, while Pakistan is also moving forward in a cautious but confident manner, learning from global best practices.
At the end of the session, the importance of balanced policy-making, innovation-friendly regulations and global best practices were emphasized.