Punjab Govt Forms Committee for Adoption of Web 3.0

The Punjab authorities has formed a committee for adopting Web 3.0 in a bid to introduce advance expertise in probably the most populous province. Web3.0 is constructed on blockchains which can be immutable and haven’t any central construction of possession. A blockchain can host (financial worth) tokens, utility information and even functions themselves.

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 stated that youth and digitization are the 2 pillars of the way forward for Pakistan, including that selling them is a core manifesto of PTI and its chairman Imran Khan.

The committee also includes representatives of 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 (SECP).

The committee has been tasked to analyze, study, and research the policy interventions to present a future roadmap and actions needed to be taken for the adoption of Web 3.0 in Punjab.

The committee will also study all the aspects of cryptocurrency, virtual currencies, NFTs, and metaverse, including their pros and cons, legal, operational and taxation issues, implications, adoption in reference to trading, mining, legal provisions, and all the related issues.

The committee has been tasked to propose viable options to secure the virtual office space for PITB or any other public sector entity in the metaverse and will propose its legal, transactional, and operational model.

Besides studying the global best practices being adopted by different countries in this regard, it will also propose action items to launch Metaverse, AR/VR-based projects and will suggest related provisions on all the aspects while taking into consideration its applications like virtual currencies, non-fungible tokens (NFTs), and other emerging concepts.

It will also suggest the implementation of a research and development (R&D) regime in this domain. To encourage the establishment of R&D centres in the province, the committee will engage with major global virtual currency stakeholders.