Pakistan and Binance Sign Memorandum of Understanding for Use of Blockchain in Government Assets
Pakistan and global digital currency company Binance have today signed a Memorandum of Understanding (MoU) under which the possibilities of managing government financial assets in a more transparent and efficient manner through modern blockchain technology will be explored.
Federal Minister for Finance Senator Muhammad Aurangzeb and Binance CEO Richard Teng signed the agreement. According to officials, under this initiative, methods will be examined to present certain government assets—such as government bonds, treasury bills, and state reserves—more transparently and effectively through blockchain technology.
The primary objective of this project is to increase access to investment and enhance transparency in the financial system. However, any final decision will require legal approval, as the value of these assets could be approximately two billion dollars.
Under the MoU, Binance will provide Pakistan with technical assistance, training, and consultancy so that the government can better understand the benefits of this technology.
While addressing the ceremony, Finance Minister Muhammad Aurangzeb said that this agreement is an important step in Pakistan’s journey of economic reforms, and the government seeks rapid practical progress on this project.
Binance founder CZ termed the agreement a positive development for Pakistan and said it could also create new opportunities for the country’s youth. The Ministry of Finance clarified that this is only a preliminary memorandum aimed at exploring cooperation opportunities, and discussions on any final agreement will take place within the next six months and will be subject to Pakistan’s laws.#WriteToEarnUpgrade $BTC $BTC #BinanceBlockchainWeek #BinanceAlphaAlert
