Governmet decided to launch digital currency to tackle black money.
According to the news, work has been started for the preparation of digital currency by the State Bank of Pakistan. The value of the digital currency will be equal to the Pakistani rupee, just as one unit of China digital currency is equal to the Chinese yuan.
According to the report, these papers will be issued on the basis of legal tender i.e. government guarantee, which will be fully supported by the State Bank. For this, an organization called Central Bank Digital Currency (CBDC) is working to evaluate its cost and other factors.
According to the government’s plan, in the first phase it will be issued gradually and paper notes will be reduced. Eventually, 90 percent will use digital currencies and 10 percent will use paper notes.
The use of paper notes will be necessary so that there is an alternative currency in case of a major problem. Every detail is being taken into consideration in this regard so that there is no shortage or error after launching the digital currencies.
Not only this, the transactions made through digital currencies will also be able to find out where and for what purpose the money was used. In this way, the monetary policy can be implemented in a better and effective manner.
