Chain News by Thebittimes.Com

Pakistan has formally sent its application to join the BRICS alliance and be a part of the grouping in 2024. BRICS invited six new countries to join the bloc including Saudi Arabia, the UAE, Argentina, Egypt, Iran, and Ethiopia. Among the six members, Argentina could be the only country to reject the BRICS invitation. Read here to know why Argentina is not interested in joining BRICS. However, Pakistan is now seeking support from Russia to induct them into the BRICS alliance. Pakistan is counting on Russia to fast-track the membership process through the help of the country’s newly appointed Ambassador to Russia Muhammad Khalid Jamali. Also Read: BRICS: China & Saudi Arabia Sign $7 Billion Currency Swap Deal Pakistan Seeks Russia’s Help To Join BRICS Source: ShutterStock Jamali confirmed that Pakistan has formally applied to join BRICS and hopes to be a part of the bloc in 2024. He stressed that Pakistan is seeking Russia’s assistance for induction and hopes ...

The State Bank of Pakistan signed in new laws for Electronic Money Institutions — non-bank entities offering digital payment instruments — to ensure the timely issuance of a CBDC in the next three years. Regulators worldwide see Central Bank digital currencies (CBDCs) as a way to enhance fiat capabilities by inheriting the financial prowess of technologies that power cryptocurrencies. Pakistan joined this list by announcing new regulations to ensure the launch of an in-house CBDC by 2025. The State Bank of Pakistan (SBP) signed in new laws for Electronic Money Institutions (EMIs) — non-bank entities offering digital payment instruments — to ensure the timely issuance of a CBDC in the next three years. The World Bank helped Pakistan design the new regulations, according to local media Arab News. In addition to timeline adherence for the CBDC launch, the regulations warrant preventive measures against money laundering and terror financing while considering consumer protection and repor...