Pakistan, despite facing past restrictions, is now gaining attention in Pakistan’s own digital currency and has embraced its adoption. Pakistan’s Electronic Money Institutions (EMI) aid its efforts in the CBDC launch in 2025. The future of cryptocurrency is looking bright.
The Federal Investigation Authorities used to arrest individuals who owned bitcoins in Pakistan.
The State Bank of Pakistan also announced its initiative to create Pakistan’s own digital currency.
The State Bank of Pakistan signed in new laws for Electronic Money Institutions.
Shoukat Bizinjo, the Additional Director of the Digital Financial Services Group at the State Bank of Pakistan (SBP), recently discussed the exploration of CBBCs (callable bull/bear contracts) as a possible avenue for introducing digital currencies CBDC launch in 2025 in Pakistan.
During the International Conference on Mobile Commerce 2023, Bizinjo stated that the central bank of Pakistan is currently evaluating CBBCs and engaging in consultations with other central banks regarding digital currencies.
Callable bull/bear contracts are investment products designed to replicate the performance of underlying assets, allowing investors to participate without needing to bear the full cost of owning those assets.
Previous to, Pakcoin is the digital cryptocurrency providing users with complete ownership and control over their coins.
PAK holders have exclusive access to the private key necessary for managing their coins.
In 2018 Aba Sharer founded Pakcoin and launched with the POW Scrypt algorithm.
In January 2019, Pakcoin transitioned to the POS Scrypt algorithm, allowing users to generate PAK through staking.
The current supply of Pakistan’s digital currency Pakcoin is 75,851,649.
Pakcoin serves as an alternative to traditional payment methods, offering faster payments and lower transaction fees.
