Pakistan’s Finance Minister Muhammad Aurangzeb discussed the country’s potential adoption of digital currency during a session of the World Economic Forum. Aurangzeb highlighted Pakistan’s consideration of introducing digital currency and emphasized the government’s commitment to assisting impoverished women, suggesting digital wallet solutions to address cash theft issues faced by women.
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The idea of incorporating digital currency was initially proposed by State Bank of Pakistan (SBP) Governor Jameel Ahmad during a Senate panel meeting in July 2023. Ahmad mentioned SBP’s efforts to launch its own Central Bank Digital Currency (CBDC) and stated that the regulator was reviewing work done by other central banks in this regard.
While the SBP had previously been hesitant about digital currencies, citing concerns about their impact on monetary policy effectiveness and FX-related control mechanisms, it now seems open to exploring the potential benefits of adopting digital currency. This shift reflects a recognition of the evolving landscape of digital finance and the need to adapt to technological advancements.
