Pakistan is planning to launch the first digital currency

Pakistan is planning to launch the first digital currency.

ISLAMABAD, Pakistan — Pakistan’s federal government recently decided to implement digital currency to strengthen their currency, restrict black money circulation, and simplify financial transactions.

According to reports, the State Bank of Pakistan (SBP) has initiated its work, assisted by experts. A Central Bank Digital Currency department would be created to address issues regarding modern currencies.

Digital currency will become legal tender like paper money, issued with central bank guarantees equal to Rs1.

Digital currency may help increase the value of Pakistani rupees.

The government plans to introduce digital currency across the nation. They intend to keep currency notes equaling 20% digital for every currency note held as physical.

The digital currency has the power to facilitate global trade and investment while offering access to banking services for those without accounts.