Pakistan's central bank aims to issue its own digital currency by 2025

Jameel Ahmad, deputy governor of the State Bank of Pakistan (SBP), the country's central bank, stated that the institution aims to issue a digital currency by 2025, Pakistani YouTube news channel Public News reported on April 1.

English-language local media Dawn also reported today that Asad Umar, Pakistan's finance minister, recalled the official's statement at a ceremony honoring the launch of Electronic Money Institutions (EMI's) on Monday, April 1.

According to Dawn, the minister asked the federal research agency and the central bank to ensure that cyber security will be included in the new system. Umar claimed that a single incident with a high profile could irreparably damage confidence in the banking system.

As part of his response, Ahmad, the deputy governor of the central bank, stated that the institution is already in the process of releasing the concept of the central bank for digital currency (CBDC) by 2025. promoting efficiency and the fight against corruption. However, the full deployment of the CBDC will take place in 2030.

As previously reported, Pakistan is implementing new cryptocurrency rules in an effort to improve its record in the fight against financial crime.

As Cointelegraph reported in February, the central bank of Ukraine has completed a pilot project for its own national digital currency, the e-hryvnia.

In the same month, the Oxford Business Law Blog published a research report from a postdoctoral researcher at the University of Luxembourg, noting that the idea of ​​issuing a CBDC is too attractive to ignore.

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