Pakistan can tokenize resources, assets to easily attract FDI: Binance founder

Pakistan has a lot of natural resources and assets, which if tokenized, will provide it with immediate liquidity and an easy way to attract foreign direct investment, Binance Founder and Strategic Advisor to the Pakistan Crypto Council Changpeng Zhao has said.

He made the statement in response to a question posed by Chief Executive Officer of Pakistan Crypto Council Bilal bin Saqib during a wide-ranging interview.

Zhao, who is the founder of the world's largest cryptocurrency exchange by volume, has a net worth of about $62.5 billion, according to Forbes.

At the outset of the interview, Zhao pointed out that Pakistan had always been an active participant in the crypto market. "Given the interactions I've had with leaders, it shows how serious the country wants to be in the crypto world," he shared.

He further said that Pakistan had great potential once it got its crypto regulation framework in the optimal state.

The Binance founder noted how the U.S. had changed its stance on cryptocurrency and now other countries would have to follow or risk being left behind. "We're going to see a race towards countries adopting Bitcoin and cryptocurrency," he said.

When asked about how governments could use blockchain to improve efficiency, Zhao pointed out the early use cases, including decentralized IDs, wallets to hold tokens, landlord-tenant contracts, education diplomas, healthcare records, etc.

However, he said it would take years before government institutions incorporated blockchain technology into their daily operations. Some easy solutions — such as the early use cases he pointed out — were already available, and incorporating them would be a good start, he added.

"This will improve govt efficiency, transparency, and data availability and make [Pakistan] more high tech," he said, adding that the 30,000 new IT graduates entering the workforce every year could turn their focus to blockchain in this regard.