Bank

World

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/pakistan-accelerates-digital-currency-initiatives/" data-wpel-link="internal">Pakistan Accelerates Digital Currency Initiatives</a><br></p>
<p style="text-align: justify">Pakistan’s central bank has taken a new step to accelerate its digital currency (<strong>CBDC</strong>) plans. Finance Minister Muhammad Aurangzeb’s statements at a special World Economic Forum meeting in Riyadh have given new momentum to the country’s economic transformation. Aurangzeb emphasized that the informal economy is the country’s biggest obstacle, noting that a large portion of Pakistan’s annual income is not recorded officially, amounting to approximately 40 billion.</p> 
<h2 style="text-align: justify" id="strengthening-the-economy-with-cbdc-initiatives">Strengthening the Economy with CBDC Initiatives</h2> 
<p style="text-align: justify">Aurangzeb also highlighted the importance of financial inclusion for women, emphasizing policies that support women’s financial empowerment. He pointed out the importance of increasing the use of digital wallets to make women financially stronger, especially those facing issues like cash theft. Additionally, he mentioned the need to promote the use of digital payments to enhance the effectiveness of government aid programs.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-306208 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/CBDC-cointurk.jpg" alt="" width="1200" height="720"></p> 
<p style="text-align: justify">It is known that the State Bank of Pakistan (SBP) aims to launch a digital rupee by 2025. SBP President Jameel Ahmad stated that the plan carefully considers the experiences of other central banks with <strong>CBDC</strong> and aims to focus on a secure digital currency. At a time of high inflation, which has increased interest in cryptocurrencies, the transition to a national digital currency is seen as an important step to strengthen the economy and maintain control.</p> 
<p style="text-align: justify">However, Pakistan’s move is not solely due to internal economic reasons. Regional neighbors, especially India, have started pilot programs to expand the use of CBDCs. Pakistan needs to act to keep up with these developments.</p> 
<h2 style="text-align: justify" id="central-banks-continue-rd-efforts">Central Banks Continue R&amp;D Efforts</h2> 
<p style="text-align: justify">The majority of central banks worldwide are actively working on researching and developing digital currencies. This highlights the timeliness of the steps taken by Pakistan’s Central Bank regarding CBDC, which offers great potential to reduce the informal economy and increase financial inclusion as part of the country’s economic transformation.</p> 
<p style="text-align: justify"><strong>Pakistan</strong> is at a crucial turning point in its transition to a digital economy. Finance Minister Aurangzeb’s statements show that the country will continue to move forward with decisive steps in this transformation process. CBDC plans could provide a promising roadmap for Pakistan’s economic future.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/pakistan-accelerates-digital-currency-initiatives/" data-wpel-link="internal">Pakistan Accelerates Digital Currency Initiatives</a></h5>

Pakistan Accelerates Digital Currency Initiatives

Table of Contents

COINTURK NEWS

Other articles published on Apr 29, 2024

Google suspends Trust Wallet from its Google Play marketplace

Incredible Presale Launch Of Golden Cobra

US Economy Stagflation Concerns Plunge Bitcoin Below $63,000 Mark

Avalanche and Injective Investors Take a Peek Into Rebel Satoshi ($RECQ) Budding Presale; Is This...

HNI Corporation Reports Strong Q1: $0.37 EPS Beats Forecast By $0.18

Lazarus Group impersonates Fenbushi on LinkedIn for phishing

Join our free newsletter for daily crypto updates!