Pakistan’s Central Bank is evaluating an option to Issue its own digital currency in Pakistan. This was stated by SBP governor Dr. Reza Baqir in an interview with CNN.
While Responding to a question regarding his views on the digital currencies, Governor SBP said
We are studying that very carefully, some countries like China are showing Pakistan the way with its Digital Coins
Speaking in favour of the digital currencies, The Governor SBP said that the launch of a digital coin in Pakistan will have a twofold benefit. Not only central bank-issued digital currency will boost efforts for financial inclusion of the unbanked segment, but it will allow progress in our fight towards anti-money and countering terrorism financing.
The Governor said that SBP may make an announcement on Digital Currencies in the coming months, while currently, SBP has allowed a framework for digital banks to begin operating in Pakistan.
SBP Governor further discussed the central bank’s role in the wake of COVID-19 in Pakistan and its vision to bring digitisation to the country’s financial sector.
He further said that Global digital Payment companies like Stripe are always welcome in Pakistan.
Dr. Baqir said:
Pakistan is home to the fifth-largest concentration of people. It is a market where people are generally tech-savvy, and it is a market that is waiting to burst as far as digitisation is concerned. We are very open, and we embrace any global mobile payment operator that wants to come to Pakistan
During Covid-19, SBP removed fees on interbank transfers and the impact of it was phenomenal, he said, adding that, for the quarter ended in December mobile banking transactions grew by 150 to 200% compared to the same period a year ago and internet banking transaction numbers jumped by around 100 to 150%. This signifies that Pakistan is very fertile for such digital innovation.
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