Pakistan Prepares Trial Run for Digital Currency
Pakistan is stepping into the world of digital currencies with an upcoming trial of its own central bank digital currency (CBDC), signaling a major step toward financial modernization.
The initiative, led by the State Bank of Pakistan (SBP), was confirmed by Governor Jameel Ahmad during the Reuters NEXT Asia summit in Singapore.
As part of this move, the SBP is actively preparing for a pilot program to test how a digital version of the Pakistani rupee could function within the financial system. This places Pakistan among a growing number of countries exploring blockchain-backed currencies through limited and controlled rollouts.
In addition to the CBDC pilot, the SBP is working on finalizing legislation aimed at regulating the broader digital asset space. The forthcoming legal framework will establish licensing and compliance standards for virtual asset service providers, offering clearer rules for crypto-related activities in the country.
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Governor Ahmad emphasized that while the government is eager to harness the benefits of digital innovation, it remains cautious of the risks. The goal is to strike a balance between encouraging progress and ensuring financial stability.
This development follows the formation of the Pakistan Crypto Council (PCC) earlier this year—a government-supported initiative created to promote the responsible growth of the virtual asset industry. With these efforts, Pakistan aims to update its financial infrastructure and align itself with global digital currency trends.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
