Pakistan Taps Blockchain to Slash Remittance Costs and Boost Web3 Innovation

Pakistan Explores Blockchain for Remittances

According to CoinDesk, Pakistan is investigating the use of blockchain technology to enhance the efficiency of remittances sent by overseas workers. Bilal bin Saqib, the chief adviser to the finance minister and a member of the Pakistan Crypto Council (PCC), highlighted that the country received over $31 billion in remittances during the 2023-24 fiscal year. Traditional channels for these transfers often incur fees exceeding 5%, making them costly and slow. The PCC aims to reduce these costs and delays by leveraging blockchain solutions while also promoting blockchain education and Web3 development. Despite a ban on cryptocurrency trading in Pakistan, the country ranks among the top five Asian nations in crypto adoption, driven by its tech-savvy youth. Saqib emphasized the need for a clear regulatory framework to unlock the potential of blockchain and Web3 technologies. For more details, visit CoinDesk.

Utah Passes Blockchain Bill Without Bitcoin Reserve

Decrypt reports that Utah's legislature has passed a blockchain-friendly bill, H.B. 230, but removed a provision that would have allowed the state treasurer to invest in a Bitcoin reserve. The bill, which passed the Senate with a 19-7 vote and the House with a 52-19 vote, still includes significant measures to support blockchain innovation. It protects individuals' rights to run blockchain nodes and exempts such activities from state money transmitter licensing requirements. The legislation also limits local governments from imposing unfair regulations on digital asset mining businesses. Governor Spencer Cox has yet to announce whether he will sign the bill into law. The measure is set to take effect on May 7, 2025, if approved. For further information, refer to Decrypt.

US Housing Department Considers Blockchain for Grants

Cointelegraph reveals that the US Department of Housing and Urban Development (HUD) is exploring the use of blockchain and stablecoins to monitor and fund grants. Discussions have included a pilot project to track funds for a grantee using blockchain technology. While some officials expressed concerns about the complexity and potential inefficiency of such a system, others see it as a step toward broader adoption of blockchain in federal operations. HUD clarified that these discussions are educational and do not indicate immediate implementation. This initiative aligns with broader governmental interest in blockchain, as highlighted by recent remarks from US Treasury Secretary Scott Bessent. For more insights, visit Cointelegraph.

Gemini and Kraken Eye IPOs

According to TradingView, cryptocurrency exchanges Gemini and Kraken are planning initial public offerings (IPOs). Gemini, founded by Cameron and Tyler Winklevoss, is reportedly working with Goldman Sachs and Citigroup on its IPO plans. Meanwhile, Kraken is considering launching its IPO in early 2026. These developments come as the US Securities and Exchange Commission has recently closed investigations into both exchanges. In 2021, Coinbase became the first crypto exchange to go public in the US, setting a precedent for others to follow. For more details, refer to TradingView.

HexyDog Integrates Blockchain for Animal Welfare

Markets Insider reports that HexyDog, a blockchain-based cryptocurrency project, is integrating digital assets into the pet care industry. The initiative aims to enable seamless payments in pet shops, grooming salons, and veterinary clinics. HexyDog also plans to allocate a portion of its transactions to support animal welfare organizations, such as rescue shelters. The project emphasizes transparency and security through blockchain technology and is actively working on partnerships to expand its ecosystem. Additionally, HexyDog has launched an Ambassador Program to encourage community involvement and advocacy. For more information, visit Markets Insider.

Unichain, Berachain, and Iota Lead Blockchain Growth

Crypto.news highlights that Unichain, Berachain, and Iota have shown significant growth in active users and transactions over the past month. Unichain, a layer-2 network by Uniswap, recorded a 21,713% increase in active addresses, driven by waived interface fees and fast transaction times. Berachain saw a 453% rise in active addresses, benefiting from low transaction fees of $0.0006. Iota also experienced a 126% increase in active addresses, attributed to reduced transaction fees. These developments underscore the growing adoption of blockchain technologies across various platforms. For further details, visit Crypto.news.

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