♦Digital Currency by the State Bank of Pakistan (SBP)🇵🇰
The SBP has explored the idea of a Central Bank Digital Currency (CBDC), similar to what other countries like China (e-CNY) or the Bahamas (Sand Dollar) are doing. In 2022, the SBP announced plans to launch a digital rupee by 2025 as part of its modernization strategy.
♦. What a Digital Rupee Would Look Like
Issued by SBP, not a private company
Could exist as a digital wallet on your phone
Legally backed just like physical PKR
Could reduce cash dependency, improve transparency, and lower transaction costs
🔴. Benefits for Pakistan
Curb black money and corruption
Enhance tax collection and traceability
Help with financial inclusion in remote areas
Reduce costs of printing and managing physical cash