The Association of Pakistan banks is developing a blockchain platform for data exchange – Bits Media

Association of Pakistan banks (PBA) I concluded an agreement with Avanza Group for the creation of the state platform for the exchange of banking banking data based on blockchain.

The project will oversee PBA under the leadership of the State Bank of Pakistan. Initiative aimed at strengthening methods of combating money laundering (AML) and financing of terrorism. The deployment of the platform will increase the efficiency of commercial banks, Having improved customer service quality, including during the opening of the account. This will expand access to banking services, Assign in PBA.

Avanza Group EKYC platform will work based on blockchain. With its help, banks will be able to more effectively exchange data through a decentralized and self -regulatory network, Asking customers' consent. Besides, All participating banks will be able to use the platform to evaluate existing and new customers based on data, which are reliably stored in the blockchain.

Previously manager of the Central Bank of Pakistan Reza Bakir (Beads) called the blockchain useful technology, which is able to solve many problems of the financial industry. The regulator has a different opinion about cryptocurrencies, Considering, that they can be used to launder money.

At the end of last year, the Central Bank of Pakistan reported, that to 2025 year intends to prepare legislation to launch its own digital currency.