Pakistan intends to introduce its own digital currency, with features “comparable to bitcoin,” as a replacement for physical currency, aligning with the current global trend observed in other countries’ pursuit of their own central bank digital currency (CBDCs).

The introduction of the digital currency in Pakistan will “interrupt the use of physical currency, reduce the expenses associated with financial transactions, and change the circulation of capital within society.”

Recently, Shoukat Bizinjo, the Additional Director of the Digital Financial Services Group at the State Bank of Pakistan (SBP), expressed that Pakistan is actively exploring the concept of callable bull/bear contracts (CBDCs) as a potential avenue for introducing digital currencies.

The official further disclosed that the State Bank of Pakistan (SBP) is presently engaged in discussions with local business leaders to introduce digital currency within the country. In addition, the official highlighted their advancements made in the realm of e-banking by Electronic Money Institutions (EMIs).

According to the official, EMIs have successfully introduced e-money wallets for both customers and businesses, along with other digital payment options such as prepaid cards and contactless payments.

Moreover, the SBP official also noted that there are currently 12 EMIs at different stages of obtaining licenses from the central bank.