Pakistan mulls CBDC for women amid concerns of financial abuse

Pakistan’s finance minister said the country is considering a central bank digital currency to empower women and combat financial abuse.

Pakistan is eyeing the launch of a central bank digital currency (CBDC) to modernize financial transactions and provide greater accessibility and security, especially for marginalized groups such as women who face challenges with traditional cash-based systems.

Speaking at the World Economic Forum (WEF), Pakistan’s finance minister Muhammad Aurangzeb said he was considering moving towards the launch of CBDC by addressing concerns about the appropriation of cash by male family members, according to a report by Samaa TV, one of the country’s largest. News channels in Pakistan.

“The government provides cash to the poor women of Pakistan. Women say that male members of the family take money from them. “Women want to get the money from the digital wallet.”

Muhammad Aurangzeb

Aurangzeb’s remarks come after he recently expressed confidence in government initiatives aimed at economic recovery. He emphasized that increasing tax collection and decreasing the current account deficit are indicators of progress.

Pakistan has been considering creating its own digital currency for some time now and has been exploring various use cases of CBDC. In July 2023, the State Bank of Pakistan announced plans to accelerate the development of a digital Pakistani rupee, with the expectation of its launch by 2025. However, no specific timeline has been announced so far.