Pakistan to Introduce the Nation’s Digital Currency by 2025

Asia Blockchain Review
May 15, 2019

Pakistan’s State Bank Deputy Governor Jameel Ahmad has revealed that the Pakistani government is promoting financial technology in the country in all aspects, from web banking and e-commerce to the issuance of national digital currency.

Ahmad said that while digital currency may be more efficient for the economy of the future, government agencies should ensure that cybersecurity remains its top priority, in order for Pakistani businesses and customers to fully embrace the digital transformation of the economy.

As quoted by financial news outlet CCN, the deputy governor said, “It is our government’s policy to encourage the use of e-commerce amongst public through awareness campaigns to promote a culture of e-commerce, which supports electronic business transactions at national, regional and international levels.”

As the timeframe to establish an “e-rupee” is still a few years away, Ahmad expressed his hope that the country’s private sector will be developing other digital solutions, contributing to the digital ecosystem of Pakistan.

Local media outlet The Dawn revealed that one of the country’s most significant financial innovations was the legalization of web banks or “branchless banking.” In the near future, the Pakistan government will let non-banks take part in payments facilitation, which will open the door for blockchain firms to apply for regulatory approval.

In recent years, the country has seen the launch of several mobile banking solutions. Earlier this year, a domestic bank announced that it is using a blockchain platform to process international remittances from Malaysia.

Source: www.ccn.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

 

    Related Article
    Marified Is Taking Maritime To New Heights
    We got a chance to talk to Marat Zalalov, CEO & Co-Founder, Marified on his take on things. This is ...

    May 20, 2020

    Oracle Malaysia’s MD Gives Us An Overview
    Asia Blockchain Review had the privilege to catch up with Fitri Abdullah, Managing Director of Oracl...

    May 19, 2020

    Hyperlocal E-commerce Vietnamese Platform Lozi: An Interview
    ABR spoke to Trung Hoang Nguyen, CEO of a C2C Ecommerce Platform - Lozi, to find out the secret that...

    May 12, 2020

    The Trust Of Blockchain In Regulations
    ABR recently spoke to Ong Wei Shen, a regulatory and compliance officer for Aspirasi, on the topic o...

    May 8, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us