THE last two decades have witnessed a revolution in technological development.

Web technologies have evolved from static Web 1.0 pages to dynamic Web 2.0 and now to the decentralised promise of Web 3.0. More importantly, we have seen a fundamental shift in how economies, governance, and even the idea of trust operates.

Corporations now aim not only to dominate national markets, but they dream of a universal presence — Elon Musk’s SpaceX and Starlink is a classic example. This new world order is bringing about a power shift — from states to corporations.

While global institutions are designing the future, Pakistan is grappling with the idea of whether this future is real. Blockchain, cryptocurrency, and artificial intelligence aren’t ideas that exist only within the realm of sci-fi; rather, they are forming the backbone of tomorrow’s economy. The trillion-dollar question now is: can Pakistan keep up all the while protecting its citizens?

In all fairness, Pakistan has made commendable progress. The formation of the Pakistan Virtual Assets Regulatory Authority under the recent ordinance is a step in the right direction. Aligning with Financial Action Task Force and anti-money laundering frameworks, and acknowledging the need to monitor digital assets rather than simply banning them, reflects a maturing view.

The average citizen lacks the digital literacy required to navigate a decentralised financial world

But these initiatives run the risk of becoming token gestures if the broader mindset........

© Dawn Business