Per recent reports from local media, the State Bank of Pakistan(SBP) is all set to release its own cryptocurrency by 2025.
The article narrates that Jameel Ahmad, the deputy governor of SBP is of opinion that central bank is reportedly exploring on virtual currency concept in order to bring in the transparency and – “promote financial inclusion and reduce inefficiency and corruption in the country”.
Essentially, Ahmad quoted that the role of security plays an important role and hence building a secure system becomes crucial so that no one could misuse the system.
On the same lines, the Finance Minister Asad Umar has directed both central bank and Federal Investigation Agency(FIA) to ensure effective cyber-security measures is in place.
Also, the bank is expecting to make its services “completely digitized and technology equipped by 2030”.
It’s noteworthy to mention that Pakistan government has recently come up with regulations on Electronic Money Institutions(EMI). According to these new rules, EMIs will be issued licenses by the government and firms are subjected to face suspension or cancellation of license.
Emphasizing the importance of EMI, finance minister mentioned that,
It is our government’s policy to encourage the use of e-commerce amongst [the] public through awareness campaigns to promote a culture of e-commerce, which supports electronic business transactions at national, regional and international levels
What do you think of this venture by Pakistan? Let us know your thoughts in the comment section below.
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