Pakistan aims for digital currency

Pakistan has embarked on studies to pave the way for introducing its own digital currency like the famous bitcoin cryptocurrency. The electronic currency will not replace the physical currency notes and coins overnight. The hard cash will continue to dominate for years and decades and the two currencies may coexist side by side in the system. The number of registered online banking users surged 36% to 13.22 million, which increased the value of internet-based financial transactions to over Rs2 trillion amid the Covid-19 pandemic in the quarter ended September 30, 2020 compared to the same quarter of previous year.