The State Bank of Pakistan (SBP) deputy governor, Jameel Ahmad, announced that by 2025, the bank would include digital currency in their offering.
Pakistan followed Ukraine’s step in digital currency last February. Ukraine launched its national digital currency for its central bank and called it e-hryvnia. This announcement is a massive step for the country since SBP is the nation’s central bank, which supports the government and commercial banking system.
Central Bank Crypto
Ahmad said that SBP is currently developing their design for the central bank digital currency (CBDC) to release in 2025. The digital currency model would include financial inclusion and will aim to counter corruption cases. According to SBP, they would finish the full CBDC concept by 2030.
The deputy governor announced their decision in Public News, a Pakistani Youtube Channel, last April 1. Pakistan’s finance minister, Asad Umar, supported this announcement by Ahmad. Umar launched Electronic Money Institutions (EMIs) on the same day Public News reported Ahmad’s announcement.
The finance minister asked the central bank and federal agency to include cybersecurity in the new digital currency system. In line with the concept of security, Pakistan government pushes for an updated cryptocurrency regulation to manage cyber trafficking and crimes.