My Idea to make Pakistan one of the richest countries.

[Mr ambassador]

I would not pay any tax to corrupts period.

Corruption is the main problem and any other problem is secondary. Why should I pay tax, that will end up in some foreign anonymous personal account or in some offshore shadow company?

It will be a system . No one will be able to steal a single penny.

 

[Lincoln]

Sir g ... Nowadays 3G facility is available in all over Pakistan.

Nowadays farmers whom I personally know use Facebook and Skype to contact their nears and dears living in gulf countries.

So definitely people will learn . It's not difficult .


If this system is applied on Pakistan ,I am damn sure there won't be any poor person in Pakistan.

there is still roam for change in my idea. All experts should look into this matter and rectify it .

That's what your personal observations are, statistics state a very different view. According to statistics, as per independent bodies and PTA, only 20% of the population of Pakistan has access to the internet. As per PTA, there are only 140 million people who are cellular mobile subscribes. Furthermore, although I don't have statistics for this, there are probably a lot of people who don't have sufficient knowledge of technology.

Theoretically what you mentioned could work, but I can't see it happening practically speaking. The implementation of such a system through a population of 200 Million of whom majority are disconnected to the internet, it seems near impossible. Also, the physical distribution of such devices, the implementation among 200 million people seems impossible too. To put into perspective, the Government of Pakistan had a major rough time in FATA areas just assigning Identification Cards to few million people who were displaced and helping them systematically, so you can assess what kind of a situation it will be for 200 million people.

 

[Mr ambassador]

That's what your personal observations are, statistics state a very different view. According to statistics, as per independent bodies and PTA, only 20% of the population of Pakistan has access to the internet. As per PTA, there are only 140 million people who are cellular mobile subscribes. Furthermore, although I don't have statistics for this, there are probably a lot of people who don't have sufficient knowledge of technology.

Theoretically what you mentioned could work, but I can't see it happening practically speaking. The implementation of such a system through a population of 200 Million of whom majority are disconnected to the internet, it seems near impossible. Also, the physical distribution of such devices, the implementation among 200 million people seems impossible too. To put into perspective, the Government of Pakistan had a major rough time in FATA areas just assigning Identification Cards to few million people who were displaced and helping them systematically, so you can assess what kind of a situation it will be for 200 million people.

We should be positive for adopting change otherwise change will not adopt us.

So the government can implement it now . internet users will increase.

After ten years , the world will get internet from satellites. Elon musk and NASA are working on such projects.

 

[Lincoln]

We should be positive for adopting change otherwise change will not adopt us.

So the government can implement it now . internet users will increase.

After ten years , the world will get internet from satellites. Elon musk and NASA are working on such projects.

Quite the optimism but it's time to get a reality check. Policies and reforms are not a magical spell which will change everything. All changes must be taken keeping in mind how practical and possible are they.

 

[FuturePAF]

There are many reasons paper money still exists in all countries, least of which is currency is not currency unless it is available all the time, and power shortages will hinder that universality even in countries that have gone very digital like china. People still keep a small reserve of cash, just in case.

watch the following video where the situation that develops when even a small amount of money is not available on the spot. (P.s. if you watch to the end you will learn to be very careful if you travel to china as a foreigner, seriously)

and this video shows a detailed look at the pros and cons of a digital currency; also in China

Pakistan has to get the macro-economic management of governance, tax collection, and barrier free investment into industries before it can aim to be a major economy. We have a lot of labor, and raw materials. we should focus on developing the best we can, and let the GDP growth numbers fall where they may.

 

[Mr ambassador]

There are many reasons paper money still exists in all countries, least of which is currency is not currency unless it is available all the time, and power shortages will hinder that universality even in countries that have gone very digital like china. People still keep a small reserve of cash, just in case.

watch the following video where the situation that develops when even a small amount of money is not available on the spot. (P.s. if you watch to the end you will learn to be very careful if you travel to china as a foreigner, seriously)

and this video shows a detailed look at the pros and cons of a digital currency; also in China

Pakistan has to get the macro-economic management of governance, tax collection, and barrier free investment into industries before it can aim to be a major economy. We have a lot of labor, and raw materials. we should focus on developing the best we can, and let the GDP growth numbers fall where they may.

Yes you are right there are pro and cons on digital currency .

But in my view ,there are more advantages of digital currency. In my idea i represented how to distribute wealth among poor class to decrease poverty through digital economy . There isn't found any thing in Chinese system.They have just introduced mod of payment through digital economy .

as far as i think developed countries are not implementing digital currency due to currency game in international market to purchase commodities from third world countries. Due to their high valued currency ,it costs them to purchase goods in cheap price from third world countries.

 

[!eon]

It will be a system . No one will be able to steal a single penny.

Nothing is changing, what you hear are just talks.
I know because I am in the system.

 

[Mr ambassador]

Nothing is changing, what you hear are just talks.
I know because I am in the system.

I have purposed in my article to rebuild economic system in which neither one can do corruption nor will hide from taxation system.

 

[FuturePAF]

Yes you are right there are pro and cons on digital currency .

In my idea i represented how to distribute wealth among poor class to decrease poverty through digital economy

You are taking about electronic welfare cards or app on phones. The abuses this brings everywhere it is implemented, and the inflation to the prices of everyday items are going to have the opposite effect then you intent. If you want to give poor people money, invests in factories and farms so they become more productive and can hire more workers. The factories and farms start producing more the price drops for the items, but the increased earning potential of the worker meets that increase in supply with their ability to pay for the newly available products. Prices stay the same, but you have more products and more people who can afford them on their own. Not Welfare but earning a living.

 

[Hakikat ve Hikmet]

Who was even uttering such ideas when we had Zardari and Nawaz Sharif as our leaders? At least there is hope now. People are rejuvenated and energized. We must grab this opportunity with both hands. An opportunity like this will not easily represent itself. Imran Khan must make every effort to guide the economy in the right direction.

I think Pak indeed has lots of undocumented economic activities going on!!! Some researchers have put it like ~100% of the documented one!!! Let's say half of the collectable revenues from the documented economy is lost to corruption!!! If the loss can be minimized to 25%, and 50% of the undocumented economy gets documented, the total state income can be 2X of the current one!!! On top of it, going extremely aggressive with CPEC extracting the last ounce of leverage, getting a good % of laundered wealth back, extreme austerity measures, stopping losing money in government own enterprises or selling them outright etc. should put Pak on a good trajectory!!!!

 

[Mr ambassador]

You are taking about electronic welfare cards or app on phones. The abuses this brings everywhere it is implemented, and the inflation to the prices of everyday items are going to have the opposite effect then you intent. If you want to give poor people money, invests in factories and farms so they become more productive and can hire more workers. The factories and farms start producing more the price drops for the items, but the increased earning potential of the worker meets that increase in supply with their ability to pay for the newly available products. Prices stay the same, but you have more products and more people who can afford them on their own. Not Welfare but earning a living.

I haven't understood your point .


I am not just talking about electronic welfare cards . I am telling about privileges will be given more to those citizens who will throw their wealth in the form business loan. Rest people of will pay their tax through electronic cards .

U can elaborate your point so that I can understand it fully.

 

[EasyNow]

I am 100% against digitization of currency - it will destroy the Pak rupee.

As an exporter or a foreign investor, who would desire to have their freely spendable cash turned into a currency that is so strictly controlled? Everyone will start doing their actual deals in USD or some other currency to avoid the Govt scrutiny.

This is the reason the US keeps the USD as paper, they want the worlds' rich to feel comfortable to use their currency.

On the whole though, no doubt Pak has huge potential for the future.

 

[FuturePAF]

I haven't understood your point .


I am not just talking about electronic welfare cards . I am telling about privileges will be given more to those citizens who will throw their wealth in the form business loan. Rest people of will pay their tax through electronic cards .

U can elaborate your point so that I can understand it fully.

In New York, The welfare cards for Food are called EBT; Electronic Benefits Transfer. If I'm not mistaken, People have to use up their allotted amount of money (for example $100) by the end of the month or else the remaining balance will just disappear. People go to the local groceries stores and offer the owner to charge the EBT money for whatever product that is covered, but give them something else they want. The level of Fraud with the EBT program has gotten out of hand, and that is why giving people fixed mount of actual food would ensure people are getting the most nutritious food.

Also if anyone were to digitize the Rupee, A lot of Pakistanis (local and overseas) would keep their money in physical Foreign Currency or foreign bank accounts, preventing That money from entering the banking system and being used to shore up the foreign reserves of the country. This government maybe good, but the next government, God Forbid, could be Bilawal. Do you trust all of your money in the hands of Bilawal?

 

[Mr ambassador]

I am 100% against digitization of currency - it will destroy the Pak rupee.

As an exporter or a foreign investor, who would desire to have their freely spendable cash turned into a currency that is so strictly controlled? Everyone will start doing their actual deals in USD or some other currency to avoid the Govt scrutiny.

This is the reason the US keeps the USD as paper, they want the worlds' rich to feel comfortable to use their currency.

On the whole though, no doubt Pak has huge potential for the future.

it will not effect Pak rupee. it will rather make it stronger due to less printing and usage . Hence ,the government will purchase more gold for its reserve .

do you know the consequences of dollar if the world does business in digital currency .? it will be a toilet paper . people will have only two options either to keep real asset or adopt digital currency to survive .

it is one of the reason the US is not introducing digital currency.


the world economy is not favorable for third world countries and poor people . its not based on equal distribution of wealth . Therefore only few people have world's 80% wealth

 

[EasyNow]

it will not effect Pak rupee. it will rather make it stronger due to less printing and usage . Hence ,the government will purchase more gold for its reserve .

do you know the consequences of dollar if the world does business in digital currency .? it will be a toilet paper . people will have only two options either to keep real asset or adopt digital currency to survive .

it is one of the reason the US is not introducing digital currency.


the world economy is not favorable for third world countries and poor people . its not based on equal distribution of wealth . Therefore only few people have world's 80% wealth

Im sorry you are being very naive in your analysis.

'Less printing and less usage' is not the benefit of a currency. The backbone of an economy is constant trade, currency should be freely tradeable. No one will want to buy a currency that is so unusable.

Also, what will the govt buy more gold with? You won't suddenly be richer by going digital.

Look at it this way, if any country in the world can do digitisation it's the USA, but they choose not to because it will make the USD unattractive. There is a reason why corrupt billionaires buys dollars.

If the Pak rupee becomes digital every rich Pakistani will dump it and do all big trades in USD.