Monday, September 25, 2023

Pakistan Govt Set to Introduce Digital Currency to Stabilise Rupees

The government of Pakistan has decided to create a digital currency to save money on printing and moving physical money around. This move is expected to boost the value of the Pakistani rupee and improve the country’s economy by making financial transactions easier.

This digital currency will have the same value as the regular Pakistani rupee, just like how one unit of Chinese digital currency equals one Chinese Yuan. The State Bank of Pakistan (SBP) is backing this project, and the digital currency will be guaranteed by the government, just like traditional paper money. The SBP has already started working on developing the digital currency with the help of experts.

A special department called the Central Bank Digital Currency is looking at the costs and benefits and checking if this digital currency will work well. The government plans to gradually replace paper money with digital money but will keep both in use, with about 80% digital money and 20% paper money. This way, paper money will still be available if needed.

This move to digital money should save money on printing and moving paper money, and every digital transaction will be recorded, which will help the government manage the economy better.

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