Pakistan considers introducing digital currency

Federal Finance Minister Muhammad Aurangzeb announced at a special session of the World Economic Forum (WEF) in Saudi Arabia that the government is considering the introduction of digital currency in Pakistan.

This move aims to modernize the country’s financial infrastructure and address challenges related to financial inclusivity.

Minister Aurangzeb highlighted Pakistan’s interest in embracing digital currency to support impoverished women and combat cash theft.

He emphasized initiatives aimed at providing financial assistance and advocated for digital wallet solutions to empower women economically.

While the State Bank of Pakistan previously announced plans to introduce digital currency by 2025, with a pilot launch expected within two months as of July last year, the implementation has yet to occur.

However, Minister Aurangzeb’s recent statement suggests that the groundwork has been laid, pending a final decision from relevant authorities.

Experts believe that adopting digital currency will improve transparency in Pakistan’s economy, addressing challenges such as tax evasion.

This initiative aligns with global trends toward digitization and could potentially revolutionize the country’s financial landscape.

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