Digital currency will help deal with money laundering
Karachi: In view of global trends, Pakistan has also decided to introduce digital currency.
Studies have been started in this regard. With the introduction of digital currency like bitcoin, the government aims to expand banking facilities and facilitate the fight against threats such as money laundering and terrorist financing. In a recent interview with CNN, the governor of the SBP said that we are closely monitoring the introduction of digital currency. This will help us expand the financial landscape and move forward in the fight against money laundering and terrorist financing.
We will make an announcement in the coming months. Digital currency will not replace physical currency notes overnight, but these two currencies will be financial.
However, the Ministry of Finance can adopt digital currency to eradicate corruption. The biggest advantage of digital currency is that every financial transaction will be documented and the authorities will be able to find out who is transferring money to whom and for what purpose. Noman Saeed, a technology expert and CEO of SI Global, says that Pakistan already has 60-70% of the infrastructure to introduce digital currency.
However, strict surveillance will be a challenge to protect digital currency from cyber theft. The digital currency will increase the coordination between monetary and fiscal policies and will also attract foreign investment.