The State Bank of Pakistan has announced plans to launch a national digital currency (CBDC) by 2025 to boost financial inclusion and curb corruption, according to Arab News.
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As part of the initiative, the central bank unveiled rules for non-bank institutions licensed to issue electronic money.
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The standards, developed jointly with the World Bank, also cover anti-money laundering and counter-terrorism financing measures, consumer protection, a complaints mechanism, and regulatory reporting.
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Pakistan’s Finance Minister Asad Umar noted rising cybersecurity threats and the need to digitally protect financial institutions.
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On 1 December, India, which borders Pakistan, launched a pilot project for testing the retail digital rupee.
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Earlier, in August, Nigeria’s central bank governor Godwin Emefiele said that the volume of digital naira transactions had surpassed $9.3 million.
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