We’re aiming to launch Digital Currency in 2025, says Asad Umar
Jamil Ahmad, Deputy Governor of the State Bank of Pakistan, said the institution plans to run own cryptocurrency by 2025.
According to him, the country’s Central Bank is already developing the concept of a national digital currency. The authorities expect the project to promote financial inclusion, increase economic efficiency and help fight corruption. The State Bank also intends to fully digitize and automate its services by 2030.
Yesterday The Central Bank of Pakistan also announced the introduction of new licensing rules for organizations working with electronic money, which include representatives of the crypto industry.. The impetus for this decision was FATF requirements to combat the use of digital currency for terrorist financing. The government will deal with accreditation of companies, and non-compliance with the norms threatens with sanctions or revocation of the license..
Pakistani Finance Minister Asad Umar also asked the central bank and the Federal Investigation Agency to ensure the cybersecurity of the financial system in order to avoid negative consequences for the economy and undermining confidence. Adding that the government is committed to encouraging e-commerce transactions not only nationally but also internationally.
Central banks of eastern countries are increasingly starting to use digital currencies to stimulate economic development. Recently, six commercial banks from Saudi Arabia and the United Arab Emirates joined the Aber cryptocurrency project for cross-border operations between two states.
text: Ivan Malichenko, photo: gulfnews