Over the next two decades, the potential of crypto assets in Pakistan could generate more than $100 billion in total income through Web 3.0 technologies.
Pakistan ranks third in terms of crypto adoption in the Chainalysis 2021 Global Crypto Adoption Index, societal, investor, and policy interest in crypto, blockchain, and Web 3.0 technologies has increased exponentially in recent months.
These observations were made by speakers at the “W3B Summit,” Pakistan’s largest Web 3.0 technologies and blockchain event, held at the National Incubation Center (NIC) in Islamabad. Leading entrepreneurs, corporate executives, technology professionals, and students attended. Teamup and the National Incubation Center organized the summit in collaboration with S&P Global and Fasset. The event’s goal was to lay the groundwork for emerging technologies in Pakistan.
Zouhair Khaliq, former CEO of Jazz, veteran corporate executive, and Founding Partner, Teamup & National Incubation Center Pakistan, greeted the summit’s guests and delegates. “I am glad to see NIC catalysing innovation in Pakistan, and this event is part of our efforts to turn Pakistan into a tech destination. There is tremendous opportunity in this field, and we must secure Pakistan’s place in this rapidly changing landscape.”
“Technology is the only field that gives your economy and social progress an instant boost regardless of your geopolitical situation,” said Mujeeb Zahur, Managing Director S&P Global. It is a world without divisions that operates solely on merit and talent. Pakistan has plenty of both. I hope to see such events on a regular basis and look forward to working with them in the future as well.”
Monis Rahman, Founder of Rozee.pk and Dukan.pk, spoke about the future of fintech and Web 3.0 technologies in Pakistan. “I have complete faith in Pakistan’s overwhelmingly young and tech-savvy population to take technology and innovation to new heights and enable Pakistan to establish a strong position as an emerging technology.”
“Pakistan is among the top three Web 3.0 adopting nations in the world,” said Noshad Minhas, Country Head Pakistan Fasset. It is home to some of the world’s best and brightest tokenization, digital asset, and blockchain technology developers, researchers, and scientists.
Fasset hopes to raise awareness and educate the next generation of Web 3.0 adopters on safe, responsible, and innovative development, as well as the adoption of the future of this game-changing space, in collaboration with the National Incubation Center. We believe that with the right foundation, Pakistan’s talented youth can unlock $100 billion in potential economic growth.”
It should be noted that almost every sector, from financial services to retail and e-commerce, media and entertainment, healthcare, IT, government, and energy, is expected to adopt Web3.0 blockchain. The highly transparent nature of a decentralized Web3.0, where all transactions are recorded and registered and can be easily traced, is appealing to industry leaders and users. Developers and IT teams, on the other hand, invest in Web3.0 technologies because of the benefits of its rapidly evolving nature.