The Punjab Government Establishes a Committee to Adopt Web 3.0

A committee for Web 3.0 adoption in the province of Punjab has been established by the provincial government.

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 Vice Chancellor of Information Technology University (ITU) are among the members of the committee, which is presided over by the Provincial Minister for Finance.

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 are also represented on the committee (SECP).

The committee's task is to evaluate, investigate, and examine policy interventions in order to offer a future roadmap and the steps that must be taken for Web 3.0 adoption in Punjab.

It will also suggest action items to launch Metaverse, AR/VR-based projects and related provisions on all the aspects while taking into consideration its applications like virtual currencies, non-fungible tokens (NFTs), and other emerging concepts. This is in addition to researching the international best practises that various nations have adopted in this regard.

Additionally, it will advocate for the establishment of a research and development (R&D) regime in this area. The group will interact with significant international virtual currency stakeholders to promote the opening of R&D centres in the province.

The committee will also research all facets of cryptocurrency, virtual currencies, NFTs, and the metaverse, including its benefits and drawbacks, as well as any associated regulations, taxation, and operational concerns.

The committee will present its legal, transactional, and operational model in order to secure the virtual office space for PITB or any other public sector body in the metaverse.