In a significant move to modernize its financial landscape, Pakistan is gearing up for a pilot launch of a digital currency. The country’s central bank, led by Governor Jameel Ahmad, is also in the final stages of implementing legislation to regulate virtual assets. This was revealed during the Reuters NEXT Asia summit held in Singapore.
Ahmad emphasized building capacity for a central bank digital currency and outlined the aim to commence a pilot soon. This initiative aligns with efforts across several countries, including China and India, exploring blockchain-based payment solutions and digital currency implementations.
The planned framework aims to streamline the licensing and regulation of virtual assets in Pakistan, leveraging the Pakistan Crypto Council’s strides in cryptocurrency adoption. Despite acknowledging associated risks, Ahmad remains optimistic about opportunities in this evolving sector.
(With inputs from agencies.)