At The First Pakistan Banking Summit 2025 in Karachi, Finance Minister Muhammad Aurangzeb stressed the importance of enhancing Pakistan’s banking system through digitisation and urged authorities, particularly the State Bank of Pakistan (SBP), to approach cryptocurrency with an open mind.
He noted that digital banking is gaining momentum in the country, and cryptocurrency is already being used in informal markets.
Acknowledging the evolving landscape of digital assets, Aurangzeb emphasised the need to stay ahead of the curve by developing a regulatory framework for cryptocurrencies and artificial intelligence (AI).
While the SBP has an established role in regulating digital currencies, he encouraged a broader perspective on the future of cryptocurrencies in Pakistan.
Aurangzeb also touched on the broader global trends, mentioning that emerging markets are actively exploring digital assets and AI to drive financial inclusion and digital banking, drawing insights from the recent AlUla Conference in Saudi Arabia.
As part of Pakistan’s commitment to digitising the financial sector, the finance minister reiterated the importance of integrating digital banking solutions, such as point-of-sale (POS) systems and QR codes, to build a cashless society.
He underscored that cryptocurrency could play a role in this transformation, provided the country develops appropriate regulations and safeguards to support its growth.
In closing, Aurangzeb advocated for an open-minded, forward-thinking approach to cryptocurrencies, recognising their potential to support the country’s evolving digital banking infrastructure.
- Desk Reporthttps://foresightmags.com/author/admin/
- Desk Reporthttps://foresightmags.com/author/admin/
- Desk Reporthttps://foresightmags.com/author/admin/
- Desk Reporthttps://foresightmags.com/author/admin/
