Pakistan is a developing economy, with limited resources, and the least government control and regulations, which not only disturbed the pace of development but strengthened cartelization in almost all sectors if our national life. The process of digitalization was first commenced in the country when the National Database and Registration Authority (NADRA) was constituted in the late 90s and computerized National Identify Cards were issued to all citizens. After the digitalization of the populace, the numeration of businesses, banks and state institutions including FBR, LEAs, the ECP, Excise and Taxation, and others was a mere task of months that is still a bulwark over more than two decades. Pakistan’s backwardness and depletion could easily be assessed through the fact that multiple African countries including Ethiopia and Kynea had already achieved those economic milestones that our leaders are considering at this time.
This institutional slackness has cost a heavy price to the nation, as non-digitization of business led to tax evasion, lax regulatory regimes prompted cartelization and currency manipulation by the private banks, hoarding of fuels by the power companies and smuggling of currency by the forex dealers. Meanwhile, the absence of a national digital payment system restricted funds inflows/outflows from the country, seriously undermined online trade, crashed cryptocurrency trading and blocked a vast freelance market for Pakistani youth. Hence, the rulers’ policy of adhocism and passing tenure in a calm and relaxed mood has brought the nation to this stage where each nook and corner of our national life demands reform, strict monitoring and supervision by the regulators which previously remained involved in money making and corruption only.
The caretaker government currently mulls over the prospects of launching a sovereign, secure and efficient national digital payment system, which contributes toward the digitization of the overall economy. In fact, our country has missed tremendous political, and economic opportunities in the past due to miscalculated and wrong priorities of our leaders. The current day realities not only merit the launch of a sovereign digital payment system but also demand the use and strict regulation of multi-billion market cryptocurrency that has been banned for the nation by purblind leaders in recent years. After all, the modern age demands competition with challenges as elusive policies proved to be disastrous for our nation.
