Federal Finance Minister Muhammad Aurangzeb announced on Sunday the government’s deliberation on introducing digital currency in Pakistan, signaling a potential shift towards modernizing the country’s financial infrastructure.
Speaking at a special session of the World Economic Forum (WEF) in Saudi Arabia, Minister Aurangzeb underscored Pakistan’s interest in embracing digital currency as a means to address financial inclusivity challenges.
Emphasizing the government’s commitment to supporting impoverished women, Minister Aurangzeb highlighted initiatives aimed at providing financial assistance. He also addressed concerns regarding cash theft faced by women, advocating for digital wallet solutions to empower them economically.
While the State Bank of Pakistan initially announced plans to introduce digital currency by 2025, with a pilot launch expected within two months as of July last year, the implementation has yet to materialize. However, Minister Aurangzeb’s recent statement suggests that the necessary groundwork has been completed, awaiting a final decision from the relevant authorities.
Experts anticipate that the adoption of digital currency will enhance transparency in Pakistan’s economy, combating challenges posed by tax evasion. This move aligns with global trends toward digitization and could potentially revolutionize the country’s financial landscape.
