State Bank of Pakistan (SBP) Governor Jameel Ahmad Thursday revealed that the central bank is working on a plan to launch Pakistan’s first digital currency, known as the Central Bank Digital Currency (CBDC).
He made these remarks while briefing Senate’s Standing Committee on Finance and Revenue. The meeting was held under the chairmanship of Senator Saleem Mandviwalla at Parliament House,
The committee was told that many central banks are working to launch digital currency on a pilot basis, and the SBP is trying to learn from their experience.
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The governor said that SBP is currently reviewing work done by other central banks. He also advised patience and said the bank was proceeding with caution to launch the CBDC.
It is pertinent to mention here that the State Bank of Pakistan has declared cryptocurrency illegal in the country since 2018.
