State Bank plans to issue digital currency by 2025

Islamabad: At the launch of regulations for Electronic Money Institutions (EMIs), the Deputy Governor for State Bank of Pakistan (SBP) Jameel Ahmad said, State Bank of Pakistan (SBP) was working on a concept of issuing digital currency by 2025.

The idea of digital currency will help promote financial inclusion and reduce inefficiency and corruption. It will be of benefit to all the stakeholders in trade and commerce. Welcoming to risk taking, it will fundamentally transform economy.

The Finance Minister emphasized on the importance of cyber security as a single incident could lose confidence to the economy and the banking system. SBP and FIA have been asked to ensure effective cyber security.

EMIs will be licensed by the central bank for the issuance of e-money. The central bank will also be fully digitized and technology equipped by 2030. EMIs will offer innovative digital payment solutions and services to the industry, said SBP’s Director Payment Systems Department Sohail Jawad.

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