State Bank of Pakistan (SBP) Governor Dr. Reza Baqir has said the central bank is carefully studying the options to launch digital currency in Pakistan.
Speaking to a private media outlet, Baqir highlighted the role of the central bank in the wake of last year’s negative GDP growth in Pakistan. He also talked about his vision to bring digitization to the country’s financial sector.
“The launch of the digital coin in Pakistan will have a twofold benefit to us. Not only does it boosts our efforts for financial inclusion, but the central bank-issued digital currency will allow progress in our fight towards anti-money and countering terrorism financing,” said Baqir.
As promising as this sounds, it will take at least a couple of years to get real. Experts are saying that a central digital currency will give Pakistan’s economy the boom that it has been looking for in various projects. The Roshan Digital Account is a great success, this idea will help boost the economy even further.
Pakistani Rupees is currently the best performing currency against the US dollar, in the world. Roshan Digital Account is one of the major reasons. International bonds also added $2.5 billion to the foreign reserves. These numbers combined to strengthen the Rupee against the USD.
I would also like to mention Waqar Zaka who has been advocating the benefits of a central digital currency. He is the guy who has spread awareness that was much needed.
On the other end, central digital currency can create challenges as well. We know that a crypto wallet can’t be tracked. It has no central authority or a central bank controlling it. State Bank will have no control over transactions carried out via Digital Currencies. However, the one-time cost of buying this currency can make a difference. Anyone who makes digital transactions will first have to go through a Pakistan bank to buy these coins. This would make things easier and better.
Let’s hope for the best.
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