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SBP plans to issue digital currency by 2025 - Zameen News

SBP plans to issue digital currency by 2025

April 2, 2019 • news

Islamabad: The State Bank of Pakistan (SBP) plans to issue digital currency by 2025 in a bid to promote financial inclusion and reduce inefficiency and corruption, a news source reported.

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SBP Deputy Governor Jameel Ahmad expressed his views on the matter. He was talking to participants at the launching ceremony of regulations of Electronic Money Institutions (EMIs), which are non-banking entities whose purpose is to issue e-money for the purpose of digital payments.

He said that SBP is currently developing the currency’s concept. The central bank would get its operations fully digitised and equipped with modern technology by 2030.

Ahmad said that the launch of EMIs regulations is the first step of SBP in its bid to become a modern, digital and fully technology-oriented central bank. He lauded the stakeholders for providing input to this effect.

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Finance Minister Asad Umar, who was the chief guest at the occasion, asked SBP and the Federal Investigation Agency (FIA) to ensure top-class cybersecurity in the banking system.