The e-KYC system is designed to help verify customers' personal information quickly and online. Employees of the Central Bank of Pakistan will not have access to confidential information about clients of commercial banks, the regulator promises.
“Given the importance and usefulness of the platform for both banks and customers, all financial institutions in the country are encouraged to join e-KYC and allocate necessary financial, technological and human resources for the same,” an SBP official said.
The national blockchain platform was developed by the Pakistan Banks Association (PBA) in partnership with Avanza Group and has been in test mode since early 2023.
The use of blockchain by financial institutions in the country will not change the position of the Pakistani government, which has completely banned any cryptocurrency services. Earlier, Finance and Revenue Minister Aisha Ghaus Pasha said that cryptocurrency “will never be legalized in Pakistan.”
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
