Pakistan making its own digital currency like bitcoin 🤑 :

Pakistan is making a significant move towards introducing its own digital currency, with the State Bank of Pakistan (SBP) planning to launch a Central Bank Digital Currency (CBDC) pilot project. This initiative aims to modernize the country's banking system, promote financial inclusion, and reduce dependency on cash.

Key Features of Pakistan's Digital Currency:

- Central Bank Digital Currency (CBDC): Issued by the State Bank of Pakistan, this digital currency will be a legal tender, just like physical currency.

- *Regulatory Framework*: The government has approved the "2025 Virtual Assets Act" to regulate cryptocurrency and establish an agency to oversee this sector.

- Increase Transparency: Track money flow and reduce corruption.

- Control Inflation: Monitor and regulate financial transactions.

- Fight Money Laundering: Prevent illicit activities and ensure compliance with financial regulations.

- Promote Financial Inclusion: Increase access to financial services for underserved populations.

With this development, Pakistan is following a global trend, joining countries like China, India, and Nigeria that have already begun testing or using their own digital currencies ⁴.

How do you think this Idea is like ? Comment me down and share your thoughts on this ⬇️