Pakistan’s central bank, The State Bank of Pakistan (SBP), is considering the launch of a digital currency by 2025. Pakistan Central Bank all set to launch a digital currency by 2025.
The news source Dawn, reported in April, that Jameel Ahmad, SBP deputy governor, said that in order to “promote financial inclusion and reduce inefficiency and corruption”, the central bank is currently working on the digital currency concept.
By the year 2030, the central bank is reportedly planning to make its services “fully digitized and technology equipped”.
The report adds that in light of the proposed digitization efforts, Asad Umar, Pakistan’s finance minister said this. He asked the central bank and the country’s Federal Investigation Agency (FIA) to ensure cybersecurity in the banking system. Also, as a failure here could cause damage to confidence in the system and the economy.
The SBP also published new regulations for Electronic Money Institutions (EMIs), which is a classification that covers cryptocurrency firms. The regulations published in April. EMIs must meet certain requirements, as per the new rules, in order for the country’s government to license it. It firms that is flouting the rules will face suspension or cancellation of licenses.
Launch of the new regulations were marked at a ceremony where officials made their comments two months ago.
The central bank said in a statement that with the regulations in place, it expects upcoming EMIs to offer “convenient, cost effective, interoperable and secure digital payment products and services to end users.”
The finance minister said in the report:
“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.”