The value of the digital currency will be equal to the Pakistani rupee, which will help in curbing black money, improving the economy and the value of the rupee. Reports:
Islamabad (Urdu Point Newspaper Latest. September 19, 2023) The government has decided to introduce digital currency for the first time in the country's history. According to Jung's report, the government has decided to introduce digital currency for various types of payments, which will help curb black money in the country, improve the economy and the value of the rupee. Pakistan has started working on the development of a digital currency, the value of the digital currency will be equal to the Pakistani rupee, just as one unit of China's digital currency is equal to the Chinese yuan.
According to the report, the new digital currency will be issued on the basis of legal tender, i.e. government guarantee, similar to paper notes, which will be fully backed by the State Bank of India, called Central Bank Digital Currency (CBDC). A body is working to assess its cost and other factors, the first phase will gradually increase the use of digital currency to reduce paper notes and plan to use 90 percent digital currency going forward. , which will limit the use of paper notes to only 10 percent.
It is further stated that the transactions made through digital currency will also reveal where and for what purpose the money was used, thus the monetary policy can be implemented better and effectively. Every nuance is being looked at so that no problems arise after starting the digital currency.
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