A Cashless Future? Pakistan’s Central Bank is Testing a Digital Currency
The State Bank of Pakistan (SBP) has officially begun the trial phase for its new central bank digital currency (CBDC). This digital version of the rupee is being developed to make financial transactions easier and more accessible for everyone, especially those who don’t have a traditional bank account.
The goal of this project is to create a secure and simple way to send and receive money. The SBP is currently working on the rules and regulations that will govern the new currency to make sure everything runs smoothly before it’s officially launched. The plan is to create a system that will let people use their mobile phones for everyday payments, making transactions faster and more secure.
How It Will Work
The SBP or other licensed financial institutions will provide a mobile wallet application for users. Getting set up will be straightforward: you’ll just need to register with your national identity card. Once you have the app, you can:
- Make instant payments by scanning a QR code.
- Send money to someone by simply entering their phone number.
- Pay for things like taxes and government fees directly through the wallet.
This new system is designed to be a safe, simple, and paper-free way to handle your money, offering a modern alternative to traditional cash.
Pakistan is joining a global trend. Many other countries are also exploring or have already launched their own digital currencies, including Nigeria, China, Russia, and the United Arab Emirates.
