Pakistan is gearing up to step into the world of digital finance as the State Bank of Pakistan (SBP) moves forward with its plans to launch a central bank digital currency (CBDC). SBP Governor Jameel Ahmad confirmed at the Reuters NEXT Asia summit in Singapore that the central bank is in the advanced stages of preparing for a digital currency pilot project. He also shared that Pakistan is close to finalizing legislation to regulate virtual assets in the country.
The governor highlighted that the SBP is working closely with several technology partners to build internal capacity for launching the CBDC. The upcoming law, called the Virtual Assets Act, 2025, has already received formal approval from the Federal Cabinet, Prime Minister, and President of Pakistan. It will serve as the legal framework for licensing and regulating virtual assets in the country.
While acknowledging the risks associated with digital currencies, the SBP chief emphasized that this space also offers significant opportunities. He stressed the importance of balancing innovation with careful risk management to ensure Pakistan doesn’t miss out on the potential benefits of digital finance.
The introduction of a digital currency by SBP could mark a major shift in how Pakistanis engage with money and payments, paving the way for more secure, transparent, and efficient financial systems. As global interest in CBDCs continues to rise, Pakistan is signaling its intent to stay ahead in the evolving financial landscape.
