KARACHI: One man was killed and his body retrieved after a fire broke out at a residential building in Pakistan’s southern port city of Karachi on Wednesday, prompting authorities to deploy five fire brigade vehicles to control the blaze.
Karachi, Pakistan’s largest and most populous city, is home to hundreds of thousands of industrial units, residential neighborhoods and some of the country’s tallest buildings.
However, it suffers from a fragile firefighting system and poor safety controls, leading to hundreds of fire incidents annually.
Last month, a massive fire engulfed a plastic factory in the city, which took several hours to extinguish, though no casualties were reported.
“The fire was brought under control due to Rescue 1122’s quick response,” informed a statement released by the service, adding that its workers used foam to put out the flames.
“During the search, the body of a 55-year-old deceased man was recovered from the building,” it said.
The statement also mentioned that some people who were stranded on the roof were safely rescued.
“The final search operation will be conducted after the cooling process,” the statement continued.
The fire incident occurred at the Shah Faisal Colony, a densely populated neighborhood in the city.
One dead as rescue teams control fire at residential building in Karachi
https://arab.news/vnq5k
One dead as rescue teams control fire at residential building in Karachi
- Pakistan’s most populous city witnesses hundreds of fire incidents annually due to poor safety controls
- Rescue 1122 says the firefighters used foam to put out the flames, helped people stranded on the roof
Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects
- Pakistani officials, Binance team discuss coordination between Islamabad, local banks and global exchanges
- Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight
ISLAMABAD: Pakistan’s finance officials and the team of a global cryptocurrency exchange on Friday held discussions aimed at modernizing the country’s digital payments system and building local talent pipelines to meet rising demand for blockchain and Web3 skills, the finance ministry said.
The development took place during a high-level meeting between Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, domestic bank presidents and a Binance team led by Global CEO Richard Teng. The meeting was held to advance work on Pakistan’s National Digital Asset Framework, a regulatory setup to govern Pakistan’s digital assets.
Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight, and encouraging innovation in blockchain-based financial services.
“Participants reviewed opportunities to modernize Pakistan’s digital payments landscape, noting that blockchain-based systems could significantly reduce costs from the country’s $38 billion annual remittance flows,” the finance ministry said in a statement.
“Discussions also emphasized building local talent pipelines to meet rising global demand for blockchain and Web3 skills, creating high-value employment prospects for Pakistani youth.”
Blockchain is a type of digital database that is shared, transparent and tamper-resistant. Instead of being stored on one computer, the data is kept on a distributed network of computers, making it very hard to alter or hack.
Web3 refers to the next generation of the Internet built using blockchain, focusing on giving users more control over their data, identity and digital assets rather than big tech companies controlling it.
Participants of the meeting also discussed sovereign debt tokenization, which is the process of converting a country’s debt such as government bonds, into digital tokens on a blockchain, the ministry said.
Aurangzeb called for close coordination between the government, domestic banks and global exchanges to modernize Pakistan’s payment landscape.
Participants of the meeting also discussed considering a “time-bound amnesty” to encourage users to move assets onto regulated platforms, stressing the need for stronger verifications and a risk-mitigation system.
Pakistan has attempted in recent months to tap into the country’s growing crypto market, crack down on money laundering and terror financing, and promote responsible innovation — a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.
In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.
