Pakistan Plans to Develop Digital Currency Similar to Bitcoin

The State Bank of Pakistan aims to introduce a digital currency that is comparable to bitcoin, in line with the global trend of central bank digital currency (CBDC) development. The move is expected to reduce transaction costs and transform the circulation of capital within society.

The bank is currently exploring the concept of callable bull/bear contracts (CBBCs) as a potential avenue for introducing digital currencies and is engaged in discussions with local business leaders. Electronic Money Institutions (EMIs) have already introduced digital payment options such as e-money wallets, prepaid cards, and contactless payments.

Central Bank Digital Currency

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