State bank of Pakistan (SBP) deputy governor Jameel Ahmad said recently that SBP is studying the concept of digital currency to promote the country’s “inclusive financial development, improve the efficiency of financial institutions and reduce corruption,” according to Dawn.
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SBP vice President Jameel also said SBP planned to launch the central bank’s digital currency in 2025 and complete the digital reform of services and technology in 2030.
In response to these proposed digital actions, Pakistan’s finance minister, Asad Umar, asked SBP and the country’s Federal Bureau of Investigation (FIA) to ensure cybersecurity in the banking system because it was about people’s confidence in the entire economic system.
In recent days, Pakistan has carried out various positive reforms and actions in the field of cryptocurrency.
Just a few days ago, SBP issued a new regulation on the electronic money agency (EMIs), which requires companies to complete a series of reviews and meet the requirements to ensure the stability and security of Pakistan’s digital currency and payment market.