The State Bank of Pakistan (SBP) now has a plan to start a trial program for digital currency in the coming months. So maybe Pakistanis can now say goodbye to paper bills now. According to a statement from Deputy Government SBP Sima Kamil, the SBP aims to launch Pakistan’s first digital currency as a pilot project within two months after completing the necessary preparations. Does this mean that the future of money, economics, and the supply-demand chains will change? Is Pakistan looking forward to a more digitized and tech-savvy future?
The Plan
Sima Kamil also mentioned that they will create a controlled environment called a sandbox, which is a safe place to test new products, services, or business models under supervision. The sandbox is expected to be launched within a month or two. Introducing digital money is part of their five-year plan called “SBP Vision 2028,” as Kamil explained. While many investors have been depositing their money into digital currencies like Bitcoin, Litecoin, Pakcoin, OneCoin, and DasCoin, the financial regulator has been cautious about legalizing these currencies in the country and has declared them illegal.
Current Competitors
However, the idea to create their own digital currency was proposed by the banking regulator. The vice governor of SBP highlighted the difference between cryptocurrencies and central bank digital currencies (CBDCs). CBDCs are meant to complement physical cash and traditional forms of electronic money, offering a more secure option compared to cryptocurrencies. These digital currencies, based on blockchain technology (DLT), aim to provide a safe and efficient way to conduct digital transactions.
Only a few countries have launched CBDCs so far, while others are studying them. Nigeria, Jamaica, and the Bahamas are among the countries that have already introduced their CBDCs, according to the Atlantic Council CBDC tracker. Other countries like China, India, Saudi Arabia, France, Ghana, Canada, and Uruguay have initiated pilot projects for their own CBDCs. Can people finally expect something good in Pakistan finally? The current continuously rising inflation has literally broken people’s backs. Will this be a relief?
What are your thoughts on this?
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