Banking in Pakistan Banking in Pakistan Banking in Pakistan first formally started in Pakistan during the period of British colonialism in the South Asia. After independence from British Raj in 1947, and the emergence of Pakistan as a country in the globe, the scope of banking in Pakistan has been increasing and expanding continuously. Pakistan's oldest bank is the State Bank of Pakistan, which is also the central bank of the nation. Before independence on August 14, 1947, the Reserve Bank of India was the central bank of what is now Pakistan. After independence, Muhammad Ali Jinnah took actions to establish a central
Central Bank Digital Currency Central Bank Digital Currency Central bank digital currency (CBDC, also called "Digital Fiat Currency" or "digital base money") is the digital form of fiat money which is a currency established as money by government regulation or law. Central bank digital currency is different from "digital currency" (or virtual currency and cryptocurrency), which are not issued by the state and lack the legal tender status declared by the government. As such, public digital currencies could compete with commercial bank deposits and challenge the status quo of the current fractional reserve banking system. The Bank of England was one of the first