Pakistan is contemplating the introduction of a Central Bank Digital Currency (CBDC) to enhance financial transactions, ensuring better accessibility and security. This initiative aims to address the specific challenges faced by marginalized groups, including women, within traditional cash-based systems.
During his address at the World Economic Forum (WEF), Pakistan’s finance minister Muhammad Aurangzeb revealed the nation’s deliberation on transitioning towards the introduction of a CBDC. He highlighted the aim to tackle issues related to cash appropriation by male family members. This information was reported by Samaa TV, a major news channel in Pakistan.
“The government is providing cash to the poor women of Pakistan. Women say that the male family members take cash from them. The women want to get the cash through the digital wallet.” – Muhammad Aurangzeb
In light of recent government efforts for economic advancement, Aurangzeb has reiterated confidence, pointing to advancements such as heightened tax collection and a decrease in the current account deficit as signs of positive development.
Pakistan has long been considering the development of its own digital currency, exploring potential use cases for CBDC. In July 2023, the State Bank of Pakistan announced intentions to accelerate the creation of a digital Pakistani rupee, aiming for a launch by 2025. However, no precise timeline has been disclosed to date.
