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KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmed has revealed that Pakistan is exploring the launch of digital currency, with the central bank conducting research and seeking legal protection for its utility.
Talking to reporters on Monday, Jameel Ahmed said that the SBP had done extensive research to analyze the utility of digital currency in Pakistan.
Ahmed further noted that the SBP had developed its “capacity building with technical human resources,” adding that it would forward its recommendations to the government for further discussions on the matter.
The SBP has sought a policy-level agreement for the legal protection of digital currency and its utility in Pakistan, according to the official.
A final decision to this effect will be taken by the federal cabinet.
New currency notes in the works
Ahmed said that the SBP was working to introduce new currency notes with enhanced security features.
The SBP plans to seek approval from the federal cabinet to issue new currency notes within a period of two to three months, aiming for completion before June 2025, as stated by Governor Ahmad.
Currently, seven denominations of currency notes are in circulation in Pakistan: Rs10, Rs20, Rs50, Rs100, Rs500, Rs1,000, and Rs5,000. Jameel Ahmad explicitly stated that the newly designed currency notes will not enter circulation before the commencement of the new fiscal year, which spans from July 2025 to June 2026.
