Pakistan is considering the introduction of digital currency.

During the special meeting of the World Economic Forum (WEF) in Riyadh, Pakistan’s Finance Minister Aurangzeb discussed the country’s consideration of adopting digital money.

“Even though we bring in Rs9.4 trillion a year, half of our economy is undocumented,” he said.

Aurangzeb added that a deal to enable the full digitalization of the economy was struck with McKinsey on Friday.

The finance minister declared, “They are coming in and helping us with the end-to-end digitalization of our economy.”

The urgent necessity to put in place a framework for a green tax economy was stressed by FinMin Aurangzeb.

He said that even global organisations like the World Bank (WB) are investigating novel financing arrangements.

The minister emphasised the need to address the nation’s financial needs through a combination of domestic and foreign funding sources.

Governor Jameel Ahmad of the State Bank of Pakistan (SBP) originally disclosed plans to introduce the Central Bank Digital Currency (CBDC), Pakistan’s first digital currency, back in July 2023.

While briefing the Senate’s Standing Committee on Finance and Revenue, he said these things. Under the direction of Senator Saleem Mandviwalla, the meeting was conducted at Parliament House.

The committee was informed that the SBP is attempting to gain insight from the experience of other central banks that are attempting to introduce digital currency on a trial basis.