Karachi: According to the report, in order to stabilize the rupee and lower the cost of printing money, the Pakistani government aims to introduce digital currency. Increased rupee value will stabilize the economy and facilitate smooth financial transactions. The value of the digital currency will be equivalent to that of the Pakistani Rupee, just as one Chinese Yuan is equal to one unit of Chinese digital currency. With the assistance of professionals, the State Bank of Pakistan (SBP) has already started building the digital currency.
According to the article, a separate division called the Central Bank Digital Currency is examining the advantages and disadvantages of this effort and determining whether this digital currency would be successful. Additionally, the digital currency will be distributed in the same manner as banknotes. By strengthening the Rupee, this project is intended to combat the country’s poor economic circumstances.
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While the government seeks to switch from paper money to digital money, it also wants to maintain the current 20:80 split between paper money and digital money. This action will be helpful if an undesirable circumstance arises.
The introduction of digital currency will reduce the price of currency note printing, shipping, and disposal. Strong financial policies will be supported by the documentation of each transaction made with digital money.
Financial services will be made available to unbanked populations, facilitating international trade and investment. The World Bank claims that it will increase the financial sector’s effectiveness. This action will encourage improved economic circumstances in Pakistan.
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