In the latest blockchain news on our DC Forecasts crypto news site, we are having the government of Pakistan in the focus for using a blockchain platform that was developed by Alibaba’s Alipay solution.
The $150 billion worth Alibaba has reportedly developed the solution in order to combat money laundering – for which the Financial Action Task Force (FATF) of Pakistan has been using it. With this, Pakistan proved the typical “blockchain not Bitcoin” scenario that was pushed by central banks and large financial institutions in the country.
A couple of months ago, Pakistan partnered with the Telenor Microfinance Bank, which is a financial institution owned and operated by Alipay. Meanwhile, Alipay acquired a 45% stake in Microfinance Bank for $184.5 million.
As the governor of the State Bank of Pakistan Tariq Bajwa said, the implementation of blockchain in the country marks a major milestone in the increase of financial inclusion in the country. He stated:
“This puts Pakistan on the map of very few countries in the world that have launched international remittance service using the blockchain technology.”
However, the State Bank of Pakistan spokesman Abid Qamar said that Bitcoin and other cryptocurrencies still remain prohibited by the government, raising questions on the real motive behind the push for blockchain adoption.
At the end of the day, cryptocurrencies such as Bitcoin are needed in order to provide financial freedom to individuals because they don’t prevent or restrict individualds from utilizing the network. If the individuals have to go through the same banks, authorities and institutions, the blockchain adoption cannot improve the financial inclusion.
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