The Governor of State Bank of Pakistan, Reza Baqir in his recent interview with CNN’s Julia Chatterley revealed that the central bank of Pakistan is exploring its own digital coin, adding that, “we are at a stage where we are studying it. We hope to be able to make some announcement on that in the coming months.”

Reza Baqir said that currently the bank has allowed a framework for digital banks to begin their operations in Pakistan. These digital banks do not have any brick and mortar presence and are purely digital like challenger banks or neo banks.

He told the interviewer that the bank is in the process of studying its own digital currency, as some countries including China are already displaying how it is benefiting the central banks.

“It will not only boost the central bank efforts for financial inclusion but also allow it to make progress in its fight towards anti-money laundering and countering terrorism financing”, he added.

The governor, however, has not shared any details regarding the central banks’ own digital currency, but he shared that Pakistan open to digital innovation.

“Stripe and other big payment providers are very welcome in Pakistan. It’s a market that’s waiting to burst as far as digitization is concerned,” the governor said while responding to a question on Fintechs.

Baqir also shared that for the quarter that ended in December, “we had a growth of about 150 per cent to 200 per cent compared to a year ago on mobile banking transactions. For internet banking transactions that number is around a 100 per cent to 150 per cent growth.”

Pakistan is a market that is home to the fifth-largest concentration of people. They are young and tech-savvy that are very fertile for such digital innovation, he added.


From : pk.mashable.com

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