The central bank of Pakistan considers a CBDC scenario

According to the governor of the State Bank of Pakistan, Reza Baqir, the institution is attentively assessing the potential provided by central bank digital currencies. The governor added that nations such as China and Russia are "already paving the way" in terms of CBDC issuing:

 

 

According to Baqir, the central bank has already approved a framework for digital banking in the nation, which might include challenger or neobanks.

 

According to Pakistan's Information technology and internet minister, Shafik Baqir, the country is "waiting to explode" in terms of digitalization. According to him, the country boasts the fifth-largest concentration of individuals with high levels of digital literacy in the world.

 

Baqir further stated that during the coronavirus epidemic, the central bank eliminated costs on interbank transfers, resulting in a 150–200% increase in mobile banking transactions for the quarter ending in December 2020 as compared to the previous year.

 

The State Bank of Pakistan said in April 2019 that it intends to issue a CBDC by 2025. Meanwhile, as previously noted, regional Pakistani politicians have been lobbying for greater action on the decentralized digital currency front, with a resolution recently approved in the nation's northwest calling on the government to allow cryptocurrency mining in the country.