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Wednesday, May 22, 2024

State Bank of Pakistan debunks photos of new currency notes

Pictures of new currency notes had been making rounds on social media for the past few days implying that the central bank has introduced new notes in the marker. However, the central bank took to its official Twitter account and debunked the news.

State Bank of Pakistan denies the change in existing currency notes as fake photos of new currency notes went viral on social media.

Pictures of new currency notes had been making the rounds on social media for the past few days implying that the central bank has introduced new notes in the marker. The central bank took to its official Twitter account and debunked the news.

The fake picture showed new currency notes for Rs.50, Rs.100, Rs.1000, and Rs.5000. Pictures were widely shared on Whatsapp and other social media platforms.

“Some fake news regarding new designs of currency notes is circulating on social media. SBP categorically denies the news and clarifies that no such proposal is under consideration at the moment,” it said in a statement on Twitter.

Read more: State Bank of Pakistan imposes penalties worth Rs98m on 3 major banks

Earlier this year in April, Talking to CNN, Governor State Bank, Raza Baqir highlighted the role the central bank has played in the wake of coronavirus in Pakistan and its vision to digitize the country’s financial sector.

Addressing his views on launching a central bank-issued digital coin in Pakistan, Baqir said, “We are studying that very carefully. We think that some countries like China are already showing the way.”

It is worth mentioning that countries like China and Japan are regulating digital currency by issuing their own.

Talking about the benefits of such a step, he said, “Not only does it gives a boost to our efforts for financial inclusion but second, because it is a central bank-issued digital currency it allows us to make further progress in our fight towards anti-money laundering, towards countering terrorism financing.”

He said that the government is expected to announce further development on digital currency in the upcoming months. He added, “For now we have allowed a framework for digital banks to begin operation in Pakistan.”

Read more: State Bank considering launching digital currency in Pakistan

SBP’s policies have borne fruit as SadaPay, a digital wallet and a debit card company, aiming to build a “neobank” has raised the largest amount of money, $7.2 million in a seed round. It is the largest investment in the country.