Govt plans to launch first-ever digital currency

ISLAMABAD: The federal government has decided to launch digital currency in an effort to strengthen national currency, control the flow of black money and facilitate financial transactions.

Reports said the State Bank of Pakistan (SBP) has started working on it with assistance of experts. A dedicated department named Central Bank Digital Currency would be established to handle the matters related to the modern currency.

The digital currency would be used as a legal tender like paper currency as it would be issued on the guarantee of the central bank. The value of the one unit of the digital currency will be on par with Rs1.

The digital currency will also help in appreciating the value of Pakistani rupee value.

The government plans to gradually introduce the digital currency in the country. Reports said that the government would keep the digital currency and currency notes in parallel with the ratio of 80:20.

Digital currency will facilitate the cross-border trade and investment, besides providing financial services to unbanked persons.

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