Karachi: Pakistan has taken a major step towards the digital economy and has launched a pilot project for a Central Bank for Digital Currency (CBDC). According to the State Bank of Pakistan, the aim of this initiative is to provide the public with secure, fast and modern payment facilities to reduce dependence on traditional cash.
In the initial phase, a digital wallet mobile app is being introduced, in which registration will be through the National Identity Card. Users will be able to make daily purchases and sales without opening a bank account. Payments through the app will be possible by scanning the QR code or simply entering the mobile number.
State Bank officials say that a comprehensive framework is being created under this project, which will not only ensure consumer rights and data security but will also effectively implement anti-money laundering laws. This will also help in preventing corruption and black money.
According to experts, the implementation of digital currency will play an important role in making Pakistan’s economy more transparent and organized. Having a digital record of every payment will reduce the chances of corruption while also enabling rural and low-income people to become part of the financial system.
Fintech experts believe that this project will expand the scope of digital payments in Pakistan and provide modern facilities to the business community. The State Bank says that after the success of the experimental phase, this project will be introduced on a large scale so that Pakistan can join the digital economy at the global level.
