Breaking: Pakistan Central Bank To Roll Out Digital Currency Pilot

Pakistan’s central bank, the State Bank of Pakistan (SBP), has announced plans to launch a pilot for a central bank digital currency (CBDC) as part of its ongoing efforts to modernize the country’s financial system.

Governor Jameel Ahmad confirmed the move at the Reuters NEXT Asia summit in Singapore on Wednesday. The initiative aligns with global trends, as various countries explore blockchain-based digital currencies through controlled trials.

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Pakistan Digital Currency Pilot

Governor Ahmad shared that the SBP is building its capacity for a central bank digital currency and is preparing to launch a pilot project soon. The bank also aims to finalize new legislation that will regulate virtual assets. The new law will set the groundwork for licensing and overseeing the virtual asset sector, offering a more structured approach to digital currencies and blockchain technologies.

The SBP’s digital currency pilot is set to play a significant role in modernizing Pakistan’s financial ecosystem.

Ahmad stressed the importance of managing risks while also exploring the potential opportunities that digital currencies offer. This move follows a broader effort by the Pakistan Crypto Council (PCC), a government-backed body formed earlier this year to promote virtual asset adoption.

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