The government of Punjab has constituted a committee for the adoption of Web 3.0 in the province.

The committee, headed by Provincial Minister for Finance, comprises the Punjab Minister for IT, Secretary Law, Punjab Information Technology Board (PITB) Chairman, PITB Director General, Pakistan Software Houses Association for IT and ITeS (P@SHA) Chairman, and Information Technology University (ITU) Vice Chancellor besides others.

The committee also includes representatives of the State Bank of Pakistan (SBP), National Bank of Pakistan (NBP), Bank of Punjab (BoP), Federal Board of Revenue (FBR), and Securities and Exchange Commission of Pakistan (SECP).

The committee has been tasked to analyze, study, and research the policy interventions to present a future roadmap and actions needed to be taken for the adoption of Web 3.0 in Punjab.

Besides studying the global best practices being adopted by different countries in this regard, it will also propose action items to launch Metaverse, AR/VR-based projects and will suggest related provisions on all the aspects while taking into consideration its applications like virtual currencies, non-fungible tokens (NFTs), and other emerging concepts.

It will also suggest the implementation of a research and development (R&D) regime in this domain. To encourage the establishment of R&D centres in the province, the committee will engage with major global virtual currency stakeholders.

The committee will also study all the aspects of cryptocurrency, virtual currencies, NFTs, and metaverse, including their pros and cons, legal, operational and taxation issues, implications, adoption in reference to trading, mining, legal provisions, and all the related issues.

The committee has been tasked to propose viable options to secure the virtual office space for PITB or any other public sector entity in the metaverse and will propose its legal, transactional, and operational model.

Source: Pro Pakistan