| Islamabad: The State Bank of Pakistan (SBP) is all set to mark a new beginning with an anticipated launch of the first-ever digital currency of Pakistan soon, according to news published on July 8.
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As per the details, the SBP will go for the pilot launch of the first digital currency of Pakistan once the required groundwork is completed. It was revealed that it is a part of SBP’s five-year strategy ‘SBP Vision 2028’. This move comes after the SBP declared other cryptocurrencies illegal in the country.
SBP Deputy Governor Sima Kamil shared that the sandbox will be launched in the coming months in a controlled environment for testing innovative services, products, and business models. She clarified that Central Bank Digital Currencies (CBDCs) are distinct from cryptocurrencies. She went on to highlight that CBDCs are more secure in comparison to cryptocurrencies. The main purpose of CBDCs is to complement existing physical cash and traditional forms of electronic money.
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So far, Nigeria, Jamaica, and the Bahamas have already launched their CBDCs, while several other countries including China, India, Saudi Arabia, France, Ghana, Canada, and Uruguay have initiated pilot programs for their digital currencies. |
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