The State Bank of Pakistan (SBP) has announced the launch of a digital currency pilot project as part of a broader financial reform initiative. This move is led by Governor Jameel Ahmad to modernize digital asset regulation in the country.
Digital Currency Pilot
The State Bank of Pakistan (SBP) is set to roll out a digital currency pilot soon. This initiative is part of the broader financial reforms initiated by Governor Jameel Ahmad aimed at modernizing asset regulation in the country.
New Regulatory Framework
Governor Jameel Ahmad announced this strategic initiative at the Reuters NEXT Asia summit. "The new legal framework will lay down the foundations for licensing and regulation of the virtual asset space," noted Jameel Ahmad. This project is supported by the Virtual Assets Act, 2025, confirmed by President Asif Ali Zardari.
Market and Cryptocurrency Impact
The involvement of the Pakistani Crypto Council indicates potential future changes, including bitcoin mining projects and establishing a state bitcoin reserve. However, there are currently no immediate effects observed on major digital assets or associated markets. Historically, CBDC launches have had a greater impact on regulation than the market. Pakistan may demonstrate similar systemic effects through regulatory narratives without substantial price shifts in tokens.
In summary, the launch of the digital currency pilot by the State Bank of Pakistan could be a significant step towards modernizing the country's financial sector, though its immediate impact on global cryptocurrency markets remains uncertain.