Focus may be on China’s progress with the digital yuan — and whether the dollar’s dominance will be threatened — but in the last few days, a slew of announcements has shown that advances are being made elsewhere.
The Bank of International Settlements (BIS) has estimated that 86 percent of the 65 banks polled said they were at least in the opening stages of creating a digital currency, with 15 percent embarking on pilot programs.
Pakistan is in the planning stages of examining digital fiat, according to a report in The Express Tribune, in a way that will expand the banking network and also help fight money laundering. The digital currency would be used, in part, for government disbursements, also helping to broaden financial inclusion.
“Pakistan has 60-70 percent infrastructure in place for introducing a digital currency,” The Express Time reported, quoting tech expert Noman Said, who played a critical role in developing a smart city in Islamabad.
At least some of the way might be paved for a wider embrace of digital payments and currencies in particular, as mobile and online banking soared by hundreds of percentage points amid the pandemic.