State Bank Of Pakistan To Issue Its Own Digital Currency In 5 Years

The deputy governor of the State Bank of Pakistan (SBP) Jameel Ahmad is the main topic in the latest cryptocurrency news today. The Central Bank expressed its plan to issue a digital currency in the next five years according to the Public News Reports.

According to the YouTube news channel, the goal is to launch an SBP digital currency by 2025.

Another local media also reported that the finance minister of Pakistan agrees with this initiative. Asad Umar, the finance minister expressed his acceptance during the launch of the Electronic Money Institutions event yesterday.

According to the media, the minister asked the country’s investigation agency and the SBP to make sure that the new system will feature cybersecurity. Umar also made clear that if an incident happens, the banking system will collapse and people will lose their trust in the entire system.

Ahmad answered to Umar that the institution is currently working on a central bank digital currency. According to him, the goal is to improve financial inclusion in the country and to fight corruption. However, despite the plans for the central backed digital currency to be launched by 2025, the final product will likely be delivered by 2030.

As previously mentioned, Pakistan aims to implement a new crypto regulation. This comes as an effort to fight financial crime and to improve its track record. Implementing the new regulation will take place in a special ceremony at the offices of the Central Bank of Pakistan:

“These regulations will help combating money laundering and terrorism financing while it will also help regulation of digital currency throughout the country.’’

Meanwhile, a couple of days ago, the financial regulator of Pakistan and the Securities and Exchange Commission of Pakistan (SECP) had a meeting. They both announced their action plan against nine companies that are believed to be using cryptocurrency into illegal acts.