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Pakistan may launch a digital currency by 2025

Pakistan’s regulator, the State Bank of Pakistan is working towards launching a digital currency by 2025. News reports quoted the central bank’s deputy governor Jameel Ahmad as saying that the central bank is currently working on the digital currency concept in order to promote financial inclusion and reduce inefficiency and corruption. The central bank is also reportedly planning to make its services “fully digitized and technology equipped” by the year 2030.  The central bank has come out with new regulations for Electronic Money Institutions (EMIs), a classification that covers cryptocurrency firms. As per the new rules, EMIs must meet certain requirements to be licensed by the country’s government, with firms flouting the rules to face suspension or cancellation of licenses.

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