"If we fall behind in AI..."
CEO Pakistan Crypto Council reveals key points
CEO Pakistan Crypto Council reveals key points
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00:00So, we have legalization to this matter.
00:02That's why you have a support system.
00:04We have talked about it.
00:05We have a very big problem.
00:08We have a very big problem.
00:09We have a very big problem.
00:10We have a very big problem.
00:12We have a big problem.
00:14We need to mine.
00:15We need to use computers.
00:17We need to use heavy duty.
00:18We have a lot of policies that suppress the digital improvement or digital growth.
00:24And you, as a part of youth, I'm sure understand that.
00:27So, how do we think about this environment,
00:31that the crypto market will thrive?
00:33These are two different questions.
00:35First of all, I have to go to Bidjli.
00:36The issue of Bidjli is that,
00:38you know, the IPPs,
00:40which we have to pay for,
00:41we have to pay for our government.
00:45Now, we want to convert this liability to asset.
00:48Which way?
00:49This is Bidjli is running.
00:51If I put a shop here,
00:52this is Bidjli's payment.
00:54I have to do this space.
00:56So, we are giving Bidjli's money,
00:58which we don't use.
01:00So, if we, the whole world,
01:02you know,
01:0330% of their GDP
01:05is coming from Bitcoin mining.
01:0730% of their GDP is contributed through Bitcoin mining.
01:11So, if the Bidjli is doing the USA,
01:13if Russia is doing the Iran,
01:15if China has done it,
01:17the other country,
01:18Ethiopia has put a billion dollars in its GDP in the past year,
01:21through Bitcoin mining.
01:23So, why not us?
01:24We have an expense,
01:26which is dearly cost us,
01:28that we will convert it into a digital asset.
01:31To Bitcoin,
01:32then we will do two things.
01:33We will be selling Bidjli dollars,
01:34and against us,
01:35we will be selling Bitcoin,
01:36which we will sell in the international market,
01:38and sell our dollar reserves.
01:40That makes complete sense.
01:42Malta is also a example.
01:44Malta is a kind of place,
01:46which is a kind of crypto,
01:48which is a kind of haven,
01:50and multi-millionaires are going on.
01:52So, we can see such a situation,
01:54because we are exploring the mining industry,
01:56and we want to grow our exports.
01:58Is Pakistan a kind of a destination,
02:01which is a crypto destination,
02:03where there are multi-millionaires,
02:04crypto-millionaires,
02:06to Pakistan,
02:07and to invest here.
02:08Is this kind of a safe environment,
02:09we can provide this kind of environment?
02:10Look, it cannot be,
02:11it cannot be,
02:12it cannot be,
02:13but there is no option.
02:14Because,
02:15AI and blockchain,
02:16there are such technologies,
02:17that if we are left behind,
02:18then we will be right behind.
02:20We have,
02:21India has,
02:22in 2021,
02:23its national blockchain curriculum,
02:25national blockchain strategy launched.
02:27It was 4 years ago,
02:28it was 4 years ahead.
02:29AI policy,
02:312017,
02:322018,
02:33it was 7 years ahead.
02:34We are sitting at the crossroads,
02:35of a new world order.
02:36This world order,
02:37will be defined by the code.
02:38Because,
02:39your response time,
02:40your reports,
02:41your defense,
02:42if you don't have AI,
02:43facility,
02:44then you will be right behind.
02:45Bitcoin mining,
02:46I think,
02:47that is a thing,
02:48that is a low-hanging fruit.
02:49And,
02:50that is a whole industry,
02:51which will open up,
02:52which will be artificial intelligence,
02:53which will be artificial intelligence,
02:55data mining,
02:56I think,
02:57that is a thing,
02:58that is a low-hanging fruit.
02:59And,
03:00that is a whole industry,
03:01which will open up,
03:02which will be artificial intelligence,
03:03which will be the data mining,
03:04which will be locally.
03:05That is a capacity building,
03:07Bilal sir.
03:08How are we going to ensure,
03:10that our young people,
03:11trial and error,
03:12not on trial and error,
03:13but on the proper technical expertise,
03:16and know-how,
03:17in this industry.
03:18Because,
03:19we have completed the 18th term,
03:20and we did not have capacity building.
03:22We have done a lot of work,
03:23but we did not have capacity.
03:25So,
03:26you are taking it,
03:27regularization,
03:28and proper legalization.
03:29How will your capacity build?
03:31If you don't have clarity,
03:33if you don't have clarity,
03:35then,
03:36as a youth,
03:37I will invest.
03:38You understand,
03:39that if we change this confusion,
03:41through PCC,
03:42then,
03:43economic multiplier,
03:44how much you will think.
03:45Now,
03:46the world's largest freelancer market is.
03:48There is a lot of FDI,
03:50but now,
03:51they are doing low-level jobs,
03:53Fiverr.com,
03:54Freelancer.com,
03:55$800,000 to $1,000,
03:56so,
03:57imagine,
03:58that if you have 20% of your freelancer market,
04:01when you have a regulation on the top,
04:03encouraging,
04:04universities,
04:05and other companies,
04:07they are working on capacity building,
04:08they are working on capacity building,
04:09here,
04:10people are already working on it,
04:11but,
04:12through all,
04:13if your freelancer market,
04:14which is $800,000 to $1,000,
04:16which is a blockchain developer,
04:17minimum salary,
04:18is $10,000,
04:19if you have 10% of it,
04:21you will think,
04:22what will impact your GDP,
04:24what will impact your disposable income,
04:26and it will be a snowball effect.
04:28So,
04:29the government,
04:30this training,
04:31this side,
04:32Navtic,
04:33and other companies,
04:34do you concentrate on it,
04:35or not?
04:36Or,
04:37in the private sector,
04:38if you have,
04:39see,
04:40there was only internet connection,
04:41and a laptop,
04:42today,
04:43its net worth,
04:44$110 billion.
04:45Okay,
04:46that would have to remain,
04:47on a court built in it,
04:49you should have tenacity,
04:50that it should be,
04:52and the government,
04:53that one of them,
04:54is a Pakistani person,
04:55that is an average salary,
04:56that's one of them,
04:57the same as she will go to San Francisco,
04:58which will have theging of us,
04:59to do this again,
05:00and the whole family,
05:01will have the goodness,
05:02to be the best of the pandemic,
05:03why are they,
05:04this is the power of signing,
05:05the right policy,
05:07you have just signed,
05:08you have to have a right policy,
05:09to not have signed,
05:10a startup only a company,
05:12is in Israel,
05:13that is a $32 billion,
05:15But you have to keep in mind, Bilal sir, that we are giving India and Israel, India has an IIT in the 1950s, and the ITs related fields are trained in our people for about 70 years.
05:37We are very close to that. In the blockchain and crypto, we are 4 years past. But in the overall environment, we are very close to the IT. So, we need government support.
05:48Let us ask a question about this. I have to remember this.
05:53CZ to make a strategic advisor in this PCC, how can we be able to make a strategic advisor?
06:01What are we aiming at?
06:02Look, he says that when you want to learn a sport, you follow the champion.
06:07CZ is the champion of crypto.
06:09He has created a financial instrument, a platform created out of zero, which has changed.
06:17We have transacted these things.
06:19It has been 100 trillion dollars since the inception of Binance.
06:23Which is, you know, its coming to this country is so strong.
06:28Because it can give us knowledge, capacity building.
06:31It can give us more regulated than it.
06:35It can't be regulated.
06:36It has gone through all the problems.
06:38So, now, its knowledge will be passed on.
06:41We are trying to make up for that.
06:45But why did he?
06:47My question is.
06:48Now, there is a big market.
06:52Much bigger than us.
06:54Five times in population.
06:56Why Pakistan?
06:57CZ has why Pakistan chose and India?
07:00Why not Pakistan?
07:01Why not Pakistan?
07:02I think that here, there are more opportunities.
07:05Okay.
07:06Our trading volume is much bigger.
07:08Then, we cannot be Singapore.
07:11We cannot be Dubai.
07:12What we are is Pakistan.
07:14We have a secret weapon.
07:16What is that?
07:17Youth.
07:18If we can channelize that,
07:20we can really create a crypto capital.
07:23We can create a multi-billion dollar protocols here.
07:28Because you have only internet, laptop and right direction.
07:31And our youth is still looking at it.
07:33Now, you have created a third-fourth largest freelancer market.
07:37So, if you have support provided, then what will happen?
07:43Thank you very much for joining me in the program.
07:45It was a pleasure having you.
07:46One thing is that there will be risk in crypto.
07:49But the more the risk, the more the return.
07:51If the government-right platform is created,
07:54which we have seen in the coming days,
07:55we cannot judge at this time.
07:58That the policy of crypto in the coming days,
08:01will it be our freelancers and youth in the digital arena?
08:07We will keep an eye on that as well.
08:09But if it happens, this could change Pakistan for the good.