The Department of Economics organized a webinar on Blockchain and Digital Money, attended by more than 100 participants, including students and faculty members. The session was moderated by Ms. Anam Alamdar, who opened the webinar with a concise introduction to the topic and its growing relevance for Pakistan’s economy.
Dr. Muhammad Shakeel, In-charge, Department of Economics, delivered the keynote discussion. He presented recent macroeconomic indicators highlighting Pakistan’s digital and crypto potential, supported by current statistics on cryptocurrency adoption. His discussion emphasized the economic benefits of blockchain-based systems, particularly in terms of efficiency, transparency, lower remittance costs, and inflation hedging through crypto adoption.
Dr. Shakeel further applied the Unified Theory of Acceptance and Use of Technology (UTAUT) framework to cryptocurrency adoption in Pakistan. He explained the roles of performance expectancy, effort expectancy, social influence, and facilitating conditions, stressing that effort expectancy (ease of use) and facilitating conditions (infrastructure, regulation, and access) are especially critical for promoting blockchain-based currencies in developing economies such as Pakistan.
The session also addressed State Bank of Pakistan (SBP) objectives, traditional monetary policy transmission channels, and how cryptocurrencies may weaken or reshape these channels. Dr. Shakeel argued that cryptocurrencies do not eliminate monetary policy; rather, they redefine the channels through which it operates. In this evolving landscape, SBP’s role shifts from direct control of cash to the governance of data, rules, digital rails, and fintech ecosystems.
The webinar concluded with an interactive question-and-answer session, where participants agreed that crypto adoption presents a significant economic opportunity for investors, consumers, and the government, provided that robust regulation is implemented to protect users from scams and fraud. Dr. Shakeel recommended a moderate and regulated adoption strategy, emphasizing real-world asset (RWA) tokenization with a 1:1 backing, alongside Sharia-compliant blockchain-based investment models, to ensure financial stability and inclusiveness.