According to a recent report in Dawn publication in Pakistan, the Central bank of Pakistan has announced it will issue a digital currency by 2025. Finance Minister Asad Umar has requested from both the Central Bank and the Federal Investigation Agency to work to ensure high level cybersecurity measures are in place in the banking sector so that Pakistan can benefit from digitization.
“As we move towards digital economy, it is absolutely important to ensure cybersecurity,” said the finance minister, adding even a single high profile incident could cause irreparable loss of confidence to the economy and the banking system. His statement was made during the launching of the Electronic Money Institutions. EMIs would entail non-bank entities to be licensed by the central bank to issue e-money for the purpose of digital payments.
The Pakistan State Bank’s Deputy Governor Jameel Ahmad said the central bank was currently working on a concept of issuing digital currency by year 2025 to promote financial inclusion and reduce inefficiency and corruption. Moreover, the central bank would adopt evolving-realities of time and would be fully digitized and technology equipped by year 2030.
Jameel Ahmad said the SBP was taking a number of initiatives in transforming itself into a modern, digital and fully technology oriented central bank and the launch of EMIs regulations was the first step in that direction.