Pakistan Central Bank to release its digital currency by 2025
|- The State Bank of Pakistan is also looking to make their services fully digitized by 2030.
- Pakistani Finance Minister Asad Umar believes that digitization would be more beneficial for those taking risks and offering innovations.
The State Bank of Pakistan (SBP), the country’s central bank, is looking to release their digital currency by 2025. Jameel Ahmad, deputy governor SBP, said that the central bank is working on the digital currency to “promote financial inclusion and reduce inefficiency and corruption.” By 2030, SBP plans on making its services “fully digitized and technology equipped.”
Pakistani Finance Minister Asad Umar believes that “As we move towards digital economy, it is absolutely important to ensure cybersecurity.” He thinks that digitization would be more beneficial for those taking risks and offering innovations. Rewarding risk-takers will bring about fundamental transformation to the national economy
Jameel Ahmad concluded by saying:
“These landmark regulations are a testament of SBP’s commitment towards openness, adoption of technology and digitization of our financial system.”
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