Federal Finance Minister Miftah Ismail visited America in April this year, in which he met with the officials of the International Monetary Fund (IMF) and the World Bank. Meanwhile, Miftah Ismail also went to participate in a discussion of the think tank Atlantic Council.
Questions were raised on the competence of the Federal Finance Minister on social media as Miftah Ismail expressed ignorance at one point when economist Uzair Younis asked what is your opinion on Web Three Point Zero?
He also shared his analysis that in the next 20 years, Web 3.0 could generate $100 billion in export earnings for Pakistan. Miftah Ismail frankly admitted that he did not know about Web 3.0. My knowledge about promoting industry is limited, he added.
In fact, Web 3.0 is a relatively new technology that will change the face of the Internet. It includes many features not seen on the current internet, including blockchain technology, NFT and unblockable domains.
Pakistan’s neighboring country India is also expecting billions of dollars in revenue from the new technology. According to a report by Nasscom, India is expected to earn up to 184 billion dollars by 2030 from the crypto industry alone under Web 3.0.
Undoubtedly, Finance Minister Miftah Ismail’s expression of ignorance also reflects his big heart, while most of our politicians do not like to admit their mistakes, rather their virtues are missed instead of their flaws.
However, through Web 3.0, a revolution can be brought about in the information technology related sectors of Pakistan. Revenue from various sectors of Web 3.0, including NFT, has already started in many countries around the world.
The biggest feature of Web 3.0 is its decentralization. For example, nowadays social media platforms and e-commerce companies operate under the umbrella of one or the other social networking giant (social media giant) such as platforms like Facebook, Twitter, WhatsApp and Instagram are in front of us.
On the other hand, in the name of Web 3.0, new innovations are being brought forward in the form of decentralized platforms and metaverse. Usually one has to pay annual hosting fees for a website, but for unstoppable domains of Web 3.0 there will be no need to pay money again and again.
It is necessary that keeping the example of America, Japan and China in front of us, Pakistan should also adopt the path of development and our companies should also learn and use the latest technologies including Web 3.0 so that our country also meets the requirements of the time. We can be compatible.
