The State Bank of Pakistan stepped up its steps to issue its central bank digital currency (CBDC), marking the year 2025.
The increasing adoption and uses of cryptocurrencies have also mobilized countries. However, while countries approached cryptocurrencies with a distance, they focused on blockchain technology. Institutions or governments that do not want to lag behind a new technology spend a lot of time, especially on CBDC. A step has also been taken by Pakistan on the issue of CBDC, where the European Union concentrates on laws. State Bank of Pakistan has started to take quick steps on CBDC.
Pakistan Committed to CBDC
Technologies that support cryptocurrencies are seen as a way to improve the global economy. The central bank digital currency (CBDC), introduced in this context, provides faster and cheaper financial comfort.
Pakistan had marked the year 2025 to launch its own CBDC. As this target date is approaching, new laws have been signed within the country. The country’s government took action to speed up the CBDC work. Pakistan signed new laws for Electronic Money Institutions and entities offering digital payment instruments.
According to local media channel Arab News, the World Bank also helped with these efforts.
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