The State Bank of Pakistan (SBP) has confirmed the launch of a pilot program to test a digital version of the rupee. This announcement was made by Governor Jameel Ahmad at the Reuters NEXT Asia summit in Singapore.
Pilot Program for Digital Rupee
The State Bank of Pakistan is actively preparing for a pilot program to assess how a digital version of the rupee could function within the financial system. This positions Pakistan among a growing number of countries exploring blockchain-backed currencies through limited and controlled rollouts.
New Legislative Initiatives
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.
Balancing Innovation and Stability
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.
These initiatives follow 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. Pakistan aims to update its financial infrastructure and align itself with global digital currency trends.
