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Pakistan and the global digital currency company Binance signed a Memorandum of Understanding today, which will enable better management of government financial assets through modern technology.
The agreement was signed by Federal Finance Minister Senator Muhammad Aurangzeb and Binance's CEO Richard Teng, under which Pakistan and Binance will jointly review how some government assets, such as government bonds, treasury bills, and official reserves, can be presented in a more transparent and efficient manner using modern blockchain technology.
According to officials, the purpose of this project is to increase access to investment in the country and make the financial system more transparent.
Legal approval will be required for any final decision on advancing this project under the Memorandum of Understanding, as the value of these assets could reach up to two billion dollars.
Under this Memorandum of Understanding, Binance will provide Pakistan with technical assistance, training, and consultation so that the government can better understand this technology and assess its potential benefits.
Addressing the ceremony, Finance Minister Muhammad Aurangzeb said that this agreement is an important step in Pakistan's journey of economic reforms.
According to him, the government now wants rapid practical progress on this project.
Binance founder CZ described this agreement as welcome for Pakistan, stating that it could create new opportunities for the country's youth.
The Ministry of Finance has clarified that this is only an initial memorandum aimed at reviewing possibilities for cooperation. Negotiations for any final agreement will take place in the next six months, and Pakistan's laws will apply to it. #PakistanxBinance 🤝
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