Days after announcing that cryptocurrencies would “never be legalized” in Pakistan, Pakistan’s Ministry of IT and Telecommunications drafted a policy to boost the growth of artificial intelligence (AI).
With its National AI Policy, Pakistan aims to upgrade its human capital skills in AI and related technologies, among other investments and initiatives, to evolve into a knowledge-based economy.
This policy framework demonstrates Pakistan’s willingness to integrate AI for public and national betterment. Pakistan has set 15 goals with timelines from 2023 to 2028. To support these efforts, Pakistan will establish a National AI Fund, leveraging “underutilized resources and funding” from the Ministry of IT and Communications.
AI uses in Pakistan include forecasting weather, optimizing agricultural supply chains, and transforming healthcare services.
The Government of Pakistan is accepting public feedback until June 16, 2023, and is taking a holistic approach towards building its AI policy.
Related: Pakistani banks agree to develop blockchain-based KYC system
The main reason Pakistan banned cryptocurrencies was due to requirements set by the Financial Action Task Force (FATF). In return, the country remains off the FATF’s gray list.
As Cointelegraph previously reported, the FATF does not have the power to impose sanctions on non-compliant countries, but it can influence the policies of governments and companies around the world.
By complying with the FATF, Pakistan has a better chance of receiving a bailout from the International Monetary Fund.
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