SBP Prepares for Launching Digital Currency in Pakistan

Pakistanis may soon be able to make transactions in digital currency, according to the deputy governor of the State Bank of Pakistan, Saleem Ullah. During a media briefing, the deputy governor said that the Central Bank has consulted with the International Monetary Fund and World Bank in this regard. The World Bank is offering technical support to evaluate Pakistan’s digital currency framework, he added. However, he didn’t mention any timeframe for the launch.

Furthermore, the deputy governor said that Pakistan is assessing the benefits of digital currency to the financial system. He added that sixty countries including the Middle East are being linked with Pakistan, a move aimed at increasing remittances.

Saleem Ullah also said that the Raast system will be connected with the Arab Monetary Fund’s cross-border payment system, “Buna” in 2024. Buna allows financial institutions and central banks in the Middle Eastern region and beyond, to send and receive payments, in Arab currencies along with other key international currencies. Therefore, Buna increases opportunities for financial and economic integration in the Arab region and boosts investment ties with trading partners worldwide.

The deputy governor highlighted that 60 million overseas Pakistanis would be able to instantly transfer their funds at minimal costs, once connected to the Buna system.

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