When will Pakistan implement digital currency?
Published on: May 5, 2024.
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Federal Finance Minister Muhammad Aurangzeb made an exciting announcement on Sunday at the World Economic Forum (WEF) in Saudi Arabia. The government is considering the introduction of digital currency in Pakistan, which could modernize the country’s financial infrastructure.
Minister Aurangzeb emphasized Pakistan’s interest in embracing digital currency to address financial inclusivity challenges. This move aims to support impoverished women by providing them with financial assistance. He also highlighted the need for digital wallet solutions to empower women economically and reduce the risk of cash theft.
Although the State Bank of Pakistan initially planned to introduce digital currency by 2025, with a pilot launch expected within two months as of July last year, the implementation has been delayed. However, Minister Aurangzeb’s recent statement suggests that the groundwork has been completed and the decision now rests with the relevant authorities.
Experts believe that the adoption of digital currency will bring transparency to Pakistan’s economy and help combat tax evasion. This move aligns with global trends towards digitization and has the potential to revolutionize the country’s financial landscape.
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Pakistan’s Potential Shift Towards Modernizing Financial Infrastructure
Federal Finance Minister Muhammad Aurangzeb made an exciting announcement on Sunday at the World Economic Forum (WEF) in Saudi Arabia. The government of Pakistan is considering introducing digital currency in the country, signaling a potential shift towards modernizing its financial infrastructure.
Embracing Digital Currency to Address Financial Inclusivity Challenges
Minister Aurangzeb emphasized Pakistan’s interest in embracing digital currency as a means to address financial inclusivity challenges. The introduction of digital currency can help support impoverished women in the country.
Advocating for Digital Wallet Solutions to Empower Women Economically
Minister Aurangzeb highlighted initiatives aimed at providing financial assistance to impoverished women and addressed concerns regarding cash theft faced by them. He advocated for the use of digital wallet solutions to empower women economically and reduce the risk of cash theft.
Progress and Anticipation for Digital Currency Implementation
While the State Bank of Pakistan initially announced plans to introduce digital currency by 2025, with a pilot launch expected within two months as of July last year, the implementation has yet to materialize. However, Minister Aurangzeb’s recent statement suggests that the necessary groundwork has been completed, awaiting a final decision from the relevant authorities.
Enhancing Transparency and Combating Tax Evasion
Experts anticipate that the adoption of digital currency will enhance transparency in Pakistan’s economy and combat challenges posed by tax evasion. This move is in line with global trends towards digitization and has the potential to revolutionize Pakistan’s financial landscape.
Source: [MM News](https://mmnews.tv){:target=”_blank” rel=”nofollow”}
