The State Bank of Pakistan (SBP) has vowed to issue the
digital currency by 2025.
Asad Umar—the Finance Minister has asked the central bank and the Federal Investigation Agency (FIA) to make sure that top of the line cyber security is installed in the banking system so that they could extend the benefits of the digital currency to the common people of Pakistan.
During the launching ceremony of the regulations of Electronic Money Institutions (EMIs), the Finance Minister said that as they are heading towards a digital economy, it is essentially vital to ensure cyber-security.
He said that even a single high-profile incident could result in causing a huge loss of trust in the economy and the banking system.
The government has announced the new EMIs regulations for digital currencies, under which the non-banking bodies would be provided licenses by the central bank for issuing e-money for the purpose of digital payments.
Some days back there was this news about the legalization of the cryptocurrency in Pakistan, it was being claimed by the local media that an intelligence agency had given a green signal to the finance minister for legalization. However, a representative of the Finance Minister’s social media team denied any such claims and called them fake.
It seems that now that these speculations could actually be true, as the State Bank’s—Deputy Governor—Jameel Ahmad said that the central bank is working on a concept via which the back would start issuing digital currency by 2025.
This measure would help in promoting financial inclusion in Pakistan and would reduce corruption and inefficiency.
Additionally, the central bank would keep on updating their system as per the new evolving technologies that would keep the system completely digitized and technologically updated by 2030.
Asad Umar said that he had been telling the PM that digitalization would be a revolutionary step for boosting the country’s economy and that he was satisfied with the major steps of the SBP.