State Bank of Pakistan plans to launch digital currency

According to the Pakistan Observer, the State Bank of Pakistan plans to launch a digital currency similar to Bitcoin. Shoukat Bizinjo, deputy director of the Digital Financial Services Group at the State Bank of Pakistan (SBP), said that Pakistan is studying CBBC (callable bull/bear contracts) as a potential path to launch a digital currency. He said that CBBC is a structured investment product that reflects the performance of the underlying assets and does not require investors to pay the full cost of ownership of these assets. He also said that Bank Negara is currently negotiating with regional business leaders to launch a digital currency in the country, mentioning the development of advising Electronic Money Institution (EMI) in the field of e-banking. He said EMIs had effectively introduced e-money wallets for customers and companies, as well as other digital payment tools such as prepaid cards and contactless payment options, with 12 EMIs currently in various stages of obtaining licenses from the central bank. Foresight News previously reported that, according to Bitcoin.com, Pakistan’s Minister of State for Finance Aisha Ghaus Pasha revealed at a meeting of the Senate Finance and Revenue Standing Committee that the State Bank of Pakistan (SBP) and the Ministry of Information Technology have begun working on banning cryptocurrencies. Will never be legalized in Pakistan. Pakistan intends to ban online services related to cryptocurrencies.