KARACHI: The government has decided to introduce digital currency in a bid to save expenses incurred on printing and distributing currency notes. Besides, the digital currency will also help in appreciating rupee value, improving economy and making extensive financial transactions.
The value of the digital currency will be on par with Pakistani rupee like a unit of Chinese digital currency, which is equal to one Chinese Yuan. Supported by State Bank of Pakistan, the Pakistani digital currency will be issued on the government’s guarantee like currency notes. The SBP has started working on introducing the digital currency and it is getting the services of the experts.
A dedicated department — Central Bank Digital Currency — is conducting the cost benefits and feasibility analysis of the digital currency for smooth transaction after its launching. The government wants to gradually replace currency notes with the digital currency but also wants to keep the digital currency and currency notes in parallel with the ratio of 80:20 so that in case of any unforeseen situation, an alternate in the form of currency notes is available. The digital currency will also save expenses incurred on printing of currency notes, distributing into different cities and destroying old notes. Besides, every transaction made through digital currency will be documented, which will help enforce monetary policy effectively.
IST would launch a student cube satellite ‘ICUBE-Qamar’ into the lunar orbit aboard China’s Chang’E-6 Mission...
PTCL said that it is “diligently examining this order within the applicable legal and regulatory framework”.
Russia’s defence minister ordered a hike in weapons production and said deliveries needed to be faster for the war...
US accused Russia of violating international chemical weapons ban by deploying the choking agent chloropicrin against...
Establishment Division started process for pre-qualification on headhunting firms to hire experts and professionals in...
Terrorists launched an attack at the Hazrat Umar Farooq Jhangi check-post near Taunsa Sharif on Tuesday midnight