Pakistan Govt Plans to Launch Digital Currency to Stabilize Rupee

• Pakistan plans to introduce digital currency to save on printing and handling costs.
• Digital currency will be on par with the Pakistani rupee.
• The State Bank of Pakistan is supporting the initiative and collaborating with experts.

The Pakistani government aims to introduce digital currency to save on costs associated with printing and handling physical money. This step is anticipated to enhance the Pakistani rupee’s value and simplify financial transactions, ultimately benefiting the country’s economy.

The Pakistani digital currency will be on par with the standard Pakistani rupee, similar to the one-to-one exchange rate seen with China’s digital currency and the Chinese Yuan. The State Bank of Pakistan (SBP) is fully supporting this initiative, ensuring government-backed security akin to physical currency. The SBP has already begun collaborating with experts to develop the digital currency.

The Central Bank is assessing the feasibility of the digital currency, and the government aims to gradually transition from paper to digital money, maintaining an 80% digital and 20% paper currency balance to ensure paper money’s availability when necessary.

The Central Bank is assessing the feasibility of the digital currency, and the government intends to gradually shift from paper to digital money while maintaining an 80% digital and 20% paper currency balance to ensure paper money’s continued availability when necessary.

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