LAHORE – Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal Bin Saqib has said that cyber attacks do not reflect a failure of technology but point to weaknesses in security protocols.
According to reports, he was speaking at a dialogue on the future of digital assets and banking held at LUMS, where he discussed the growing number of cyber attacks.
He said that cyber attacks result from weaknesses in security protocols rather than from technology failing, and that once these are identified, they must be fixed.
To protect the digital financial system, he said, banks and regulators will have to further strengthen cybersecurity. The country’s digital financial infrastructure, he added, must be secure, stable and aligned with future requirements.
Bilal Bin Saqib said that, to gain a prominent place in the global financial landscape, Pakistan must embrace financial innovation and modern technology. Rather than being a mere consumer of technology, he said, Pakistan is playing its part in shaping the new rules of the global financial system.
He said digital assets and blockchain technology could bring revolutionary change to Pakistan’s financial system. The potential of blockchain, he said, is far wider than Bitcoin and cryptocurrency trading, and digital assets can expand financial inclusion and investment opportunities.
Web Desk
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