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The Deputy Governor of the State Bank of Pakistan, Jameel Ahmad, revealed the institution’s plan to issue a digital currency by the year 2025. Ahmad made the announcement in a speech at the launching ceremony of regulations of Electronic Money Institutions (EMIs), where he was accompanied by the country’s Finance Minister Asad Umar.
The country has been under a lot of financial pressure over the last few months and the new government seems to be trying hard to improve the country’s financial situation during its first year.
The announcement to launch a digital currency comes as a part of a series of steps taken by the country’s government to modernize the nation’s ailing economy. Deputy Governor Ahmad expressed his expectation that the digital currency would promote financial inclusion and reduce inefficiency and corruption.
The country’s Finance Minister Asad Umar also spoke at the event. When talking about the prospect of a digital currency, he was of the view that it was capable of revolutionizing the entire financial system. He showed concern and appreciation for the need to ensure cybersecurity as the country is heading towards a digitalized economy. “As we move towards a digital economy, it is absolutely important to ensure cybersecurity,” said the Finance Minister.
Umar also talked about the need for the State Bank of Pakistan (SBP) and Pakitan’s Federal Investigation Agency (FIA) to collaborate to ensure absolute cybersecurity. He said that even a single incident of breach of cyber security could cause irreparable damage to the reputation and confidence in the economy and the banking system.
Umar was of the view that digitalization is the road to economic revolution and that he has expressed his views to the Prime Minister of Pakistan, Imran Khan. The Finance Minister also said that he was relieved to see development in this regard by the central bank.
In a speech which covered a wide range of issues, he also talked about the government’s push for digitalization in all sectors of the industry to bring the country’s suffering economy up to par with international standards.
Regarding the country’s troubled finances, Umar said that their government was determined to utilize IT as it is one of the top contributors to the economy and job creation. He said that the government was also focusing on producing “world-class knowledge workers” who were well equipped to meet the requirements of the international market.