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Tuesday, July 23, 2024

Punjab Government Forms a Committee to Adopt Web 3.0

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My name is Azeem. I'm a Blogger & Developer. I also write about Technology, gaming and other geeky topics. Founder of Azmi Tech, aka Snapchat Content Creator.

The Punjab Government has formed a committee for embracing Web 3.0 to introduce advanced expertise in probably the most populous province. 

Read More: What Is Web 3.0 Technology?

Web3.0 is constructed on blockchains that can be immutable and haven’t any major construction of possession. A blockchain can host (financial worth) tokens, utility information, and functions.

Punjab Minister for Data Expertise Dr. Arslan Khalid, in a tweet, shared the event: “Disrupting business as usual; Under web 3.0 we want to find avenues in ‘new economy, ‘tech R&D’ and create a pool of new talent that can be part of the Web 3 ecosystem”.

He also noted that youth and digitization are the two pillars of the way forward for Pakistan, including that selling them is a core manifesto of PTI and its chairman Imran Khan.

Representatives from the State Bank of Pakistan (SBP), National Bank of Pakistan (NBP), Bank of Punjab (BoP), Federal Board of Revenue (FBR), and Securities and Exchange Commission of Pakistan are also on the committee (SECP).

The committee has been assigned to analyze, study, and explore the policy interventions to present a future roadmap and actions needed to adopt Web 3.0 in Punjab.

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Additionally, the committee will study all facets of cryptocurrencies, virtual currencies, NFTs, and the metaverse, including their benefits and drawbacks, operational, legal, and taxation concerns, consequences, trading adoption, mining, regulatory requirements, and any other relevant issues.

The committee’s goal is to provide viable solutions for PITB or any other public sector organization seeking virtual office space in the metaverse. It will put out its operational, legal, and transactinal models.

Read More: The Future of Metaverse in Pakistan

It will recommend action items to establish Metaverse, AR/VR-based projects in addition to examining global best practices followed by other countries in this regard.

While evaluating its uses, such as virtual currencies, non-fungible tokens (NFTs), and other developing concepts, it will propose relevant provisions on all aspects.

It also recommends implementing a research and development (R&D) regime in this domain. To support the construction of R&D centers in the province, the committee will engage with significant global virtual currency stakeholders.

Read More: What is Virtual Reality (VR)?

Read More: Imran Khan, The Unstoppable Rising Hero

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