Central Bank Governor of Pakistan: The risks posed by cryptocurrencies outweigh the benefits

In emerging markets and developing countries, there is a risk that unregulated cryptocurrencies are used for trading, Reza Baqir, the governor of Pakistan’s central bank, said on February 16, according to Bloomberg.

Their speculative nature, with wild price swings, poses a risk to a developing country's financial and currency stability, he said.

In addition, Baqir said, “The ongoing work on CBDCs by many national and international institutions is welcome.” “In our view, this work should be viewed from the perspective of how CBDCs contribute to each regulator’s goals. to evaluate."