KARACHI: The State Bank of Pakistan (SBP) is exploring the introduction of a digital currency to facilitate instant and cost-effective money transfers for millions of Pakistanis living abroad.
SBP Deputy Governor Salimullah was addressing the media in Karachi.
Salimullah emphasized that the SBP is currently assessing the need for a digital currency in Pakistan and is at the evaluation stage.
“The potential introduction of a digital currency is part of a broader government effort to enhance remittances and streamline financial transactions,” he told media persons.
He said the initiative aim to increase remittances, which are crucial for Pakistan’s economy and introduction of digital currency is expected to significantly contribute to this effort.
Instant Money Transfers:
With the new digital currency system, approximately 60 million Pakistanis living abroad will have the facility to transfer money instantly.
The proposed system will enable Pakistanis to transfer money at minimal costs, making remittances more efficient and affordable.
