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Pakistan's Consideration of CBDC to Empower Women and Address Financial Abuse

Apr 29, 2024

Pakistan is contemplating the introduction of a central bank digital currency (CBDC) to enhance financial transactions and provide improved accessibility and security, particularly for marginalized groups like women who encounter difficulties with traditional cash-based systems. The Finance Minister of Pakistan, Muhammad Aurangzeb, mentioned during the World Economic Forum (WEF) that the country is evaluating the possibility of launching a CBDC to combat concerns regarding cash being misused by male family members. This was reported by Samaa TV, a leading news channel in Pakistan.

Aurangzeb recently expressed optimism in the government's efforts to enhance the economy, citing advancements in tax collection and a decrease in the current account deficit as signs of progress. Pakistan has been exploring the idea of developing its own digital currency for some time, considering different applications for CBDC. In July 2023, the State Bank of Pakistan revealed plans to accelerate the creation of a digital Pakistani rupee, with a potential release date set for 2025, although no specific timeline has been disclosed yet.

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