- SBP Governor Raza Baqir says the central bank is currently studying a proposal for a digital currency.
- SBP says that digital currency will drive financial inclusion and help fight money laundering.
- Baqir says that Pakistan is a great potential market for fintech, as the majority of the population is tech-savvy.
The State Bank of Pakistan (SBP) is considering issuing digital currency to boost financial inclusion and reduce money laundering in the economy, the central bank governor said according to The News.
"We are studying that very carefully. We believe that some countries like China are already showing the way," SBP Governor Reza Baqir told CNN in an interview.
Baqir said that the introduction of an SBP digital currency will have a double benefit.
“Not only does it give a boost to our efforts for financial inclusion, but secondly, because it is a digital currency issued by the central bank, it allows us to advance further in our fight against money laundering and the financing of money. terrorism". he said
"So we are at a stage where we are studying it."
Read more: SBP issues warnings against cryptocurrency transactions
Baqir said the government will announce further development of the digital currency in the coming months.
"For now, we have allowed a framework for digital banks to start operating in Pakistan."
Asked about the entry of the world's leading fintech, including Stripe's entry into the Pakistani market, Baqir said fintech like Stripe and other large international payment providers are "very welcome" in Pakistan.
Read more: SHC stops the FIA from harassing Bitcoin and other cryptocurrency dealers in Pakistan
"Pakistan is a huge potential market for all of these companies as the majority of the population is tech-savvy and there is young potential budding in the tech sector of the economy," he said.
"We are very open and accept any global mobile payment operator who wants to come to Pakistan," Baqir told CNN.
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