ISLAMABAD: Economists and experts of modern technology have urged the government of Pakistan to enact legislation and take concrete steps for ownership and proper utilisation of digital assets to strengthen the national economy.
“Digital asset is anything stored digitally and uniquely identifiable. It can be in the shape of documents, audio, videos, logos, slide presentations, spreadsheets, websites and software tech,” they told WealthPK.
They said that different digital assets were owned by individuals and firms in various countries but the case was quite different in Pakistan. Like few other developing countries, digital assets are only used in Pakistan instead of owning them. Pakistan doesn’t own any of the digital assets used by its people including email, Twitter, Facebook and Instagram accounts.
“We only have a licence for using digital assets. Digital assets can strengthen the national economy if all the stakeholders join hands to regularise their value through effective legislation,” said the experts.
According to Khawaja Saud Masud, a known startup adviser and management consultant, digital assets have huge potential. “We need to understand the overall ecosystem including cryptocurrencies, blockchain, decentralisation and interplay between artificial intelligence and users when we talk about the growing presence of Pakistan’s websites,” he added.
He said that the country would ultimately have to land in the digital world either by stumbling over a working ecosystem or implementing a well-planned digital strategy. –“An asset has value if the rules of the game are clear to all and the value is protected through clear laws. All the stakeholders including the regulators need to put their heads together for the purpose,” he added.
Pakistan needs to come out of the primary asset bases of property and jewellery to explore modern and diversified ways, mainly digital assets, to boost its economy. Technological advancements are foundational elements of the internet economy.
The fast-evolving digitisation across the globe is creating new economic opportunities. The emerging ecosystem is expected to grow by more than 40 percent per year. It can increase the crypto assets from the present $1.5 trillion to $50 trillion by 2030.
Although cryptocurrency is banned in Pakistan, nonfungible tokens are still accepted in the market. The policymakers need to understand that cryptocurrency is not the entire ecosystem and modern technology offers numerous opportunities to any country to strengthen its economy and discover new horizons for the financial stability of its people, especially the youth. The recently unveiled national security policy also calls for “building sufficient public and private capacity to take Pakistan into a new technological era.”
Fortunately, Pakistan has an aspiring digital working force. The country is also an attractive market for international firms. The digital service providers in Pakistan serve people at a reasonable rate. “The government needs to explore these opportunities and chalk out an effective strategy for ownership and utilisation of digital assets to strengthen the national economy,” experts told WealthPK.
INP
