Pakistan’s Finance Minister Considers Central Bank Digital Currency to Empower Women

Pakistan is looking into the possibility of introducing a central bank digital currency (CBDC) to revolutionize financial transactions and enhance accessibility and security. This move aims to address the challenges faced by marginalized groups, especially women, who encounter difficulties with traditional cash-based systems.

During the World Economic Forum (WEF), Pakistan’s Finance Minister Muhammad Aurangzeb discussed the potential launch of a CBDC to combat financial abuse, particularly the issue of male family members appropriating cash from women. Aurangzeb emphasized the importance of empowering women by providing them with digital wallets for financial transactions.

Aurangzeb’s statements reflect the government’s commitment to improving the country’s economic landscape. He cited progress in tax collection and a decrease in the current account deficit as positive signs of economic development.

Pakistan has been exploring the idea of introducing its own digital currency for some time, with the State Bank of Pakistan revealing plans to fast-track the development of a digital Pakistani rupee in July 2023. While a specific launch date has not been announced yet, the country is actively considering various use cases for the CBDC.

By considering the introduction of a central bank digital currency, Pakistan aims to empower women, enhance financial security, and modernize its financial system for the benefit of all citizens.

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