It will boost SBP’s efforts towards financial inclusion
Pakistan’s central bank is exploring its own digital coin, the Governor, State Bank of Pakistan Reza Baqir told CNN’s Julia Chatterley on Thursday days after China became the first major economy in the world to create its own digital currency.
“We are studying that very carefully,” Baqir said expressing his views on a central bank-issued digital currency. “We are at a stage Julia where we are studying it. We hope to be able to make some announcement on that in the coming months.”
The SBP governor told the host that for now, they have allowed a framework for digital banks to begin their operations in Pakistan. These are the banks, which don’t have a brick and mortar presence and are purely digital like challenger banks or neo banks. The SBP governor said they are studying it (SBP’s own digital currency) as some countries such as China are already showing the way it benefits central banks.
#CBDC, Central Bank Digital Currency in Pakistan?
“We are studying it,” says Reza Baqir, Governor @StateBank_Pak citing financial inclusion, tackling money laundering and counterterrorism as possible benefits.
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— Julia Chatterley (@jchatterleyCNN) April 8, 2021
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