Islamabad/Singapore: The State Bank of Pakistan (SBP) is nearing the launch of a pilot project for a central bank digital currency (CBDC), as announced by SBP Governor Jameel Ahmad during his speech at the Reuters NEXT Asia Summit in Singapore.

Jameel Ahmad shared that Pakistan is actively developing its capacity to implement a CBDC, with a pilot launch anticipated in the near future. He emphasized that this initiative aligns with the country’s broader vision to modernize its financial infrastructure through innovative technology.

In addition to technological preparations, the SBP is finalizing legislation to regulate the virtual assets sector. The upcoming Virtual Assets Act, 2025, has already received approval from the Federal Cabinet, the Prime Minister, and the President of Pakistan, providing full legal backing.

This law aims to establish a comprehensive framework for licensing, regulation, and oversight of digital asset operations, fostering a secure environment for digital transactions and investment.

Governor SBP acknowledged the risks associated with digital currencies but underscored the importance of proactive measures to ensure safe adoption. The SBP is actively engaging with multiple technology partners to guarantee the security and success of the pilot program.

With the imminent rollout of Pakistan’s CBDC and a solid legal foundation in place, the country is positioning itself to participate actively in the global digital finance ecosystem.