The central bank of Pakistan has planned to make strides in the world of digital banking as they are aiming to introduce digital currency like the famous Bitcoins in Pakistan.
According to the Additional Director of Digital Financial Services Group numerous central banks worldwide are in the process of exploring the concepts of CBBCs for launching digital currencies.
He stated that “Pakistan’s central bank is currently reviewing and consulting with other central banks regarding CBBCs and digital currency,”.
For all of you who don’t know what CBBCs is, It functions as structured investment products that mirror the performance of underlying assets, relieving investors from bearing the complete ownership expenses associated with those assets.
Presently, Pakistan hosts four operational commercial EMIs, namely NayaPak, Finja, CMPE CC, and Sada Tech Pakistan.
The speaker elaborated on the remarkable e-money balance of PKR 2 billion held by EMIs, overseeing 1.6 million e-money wallets and 2.4 million payment cards as of March 31, 2023.
According to the speaker, approximately 12 EMIs are in various stages of acquiring licences from the central bank, and numerous other companies are engaged in ongoing discussions with the SBP to become EMIs.