Like many other programs on the wish list, one key plan in the mind of the current government is to introduce the digital currency for the country. It would be a state-issued currency that would be regulated by the State Bank of Pakistan. The government aims at launching the first version in 2025. The major purpose as mentioned by the concerned authorities is to check the growing pace of corruption in the country.
Cryptocurrency or digital currency is a popular phenomenon all over the world. Although it has not been able to get the legal status in many parts of the world still the popularity cannot be denied. St of these digital currency systems is being run by the private organizations that increase the chances of any kind of breach or fraud.
The UAE was the first region of the world that actually gave the concept of government regulated digital currency to keep track of the activities related to the digital currency. Some countries, on the other hand, are opting for this option just to make the things technically advanced. The government of Pakistan aims both.
Early this week the deputy governor of the State Bank of Pakistan, Mr. Jameel Ahmed announced that they would be launching a digital coin by 2025. They would likely follow the pattern of the digital currency followed by Venezuela.
The topic was by the finance minister Asad Umar while inaugurating the Electronic Money Institutions. He also proclaimed that the government will ensure perfect security of the EMIs through the most recent and sophisticated cyber security measures. A perfect set of instructions was released to the federal investigation agency and the State Bank. As per the minister, it is essential to keep the things transparent and secure protect the bank from defamation.
