ISLAMABAD / SINGAPORE: The State Bank of Pakistan (SBP) is preparing to launch a pilot project for a central bank digital currency (CBDC). SBP Governor Jameel Ahmad confirmed this during his address at the Reuters NEXT Asia Summit held in Singapore.
Governor Ahmad revealed that Pakistan is actively “building up our capacity on the central bank digital currency,” and indicated that a pilot launch is expected in the near future.
Moreover, he emphasized that this move is part of a broader vision to modernize Pakistan’s financial ecosystem through technology.
In addition to the technical groundwork, the SBP is also finalizing legislation that will regulate the virtual assets sector in Pakistan. Governor Ahmad stated that the upcoming law would “lay down the foundations for the licensing and regulation” of virtual asset operations, paving the way for safe and legal digital transactions.
Government Greenlights ‘Virtual Assets Act, 2025’
The digital currency initiative comes on the heels of the formal approval of the “Virtual Assets Act, 2025“. The act has received endorsements from the Federal Cabinet, the Prime Minister, and the President of Pakistan, giving it full legal backing. This legislation will provide the framework for digital asset governance and encourage investment and innovation in the sector.
Governor Ahmad acknowledged the risks involved in adopting digital currencies but stressed the importance of proactive engagement.
“There are risks involved, but this emerging field also offers opportunities. Therefore, we need to assess and manage the risks carefully while making sure we don’t lose the chance to benefit,” he said.
The SBP is currently in discussions with multiple technology partners to ensure the successful rollout and security of the pilot program.
With the pilot for a central bank digital currency on the verge of launch and a robust legal framework in place, Pakistan is gearing up to join the global digital finance movement. The initiative represents not just technological progress but also a commitment to transparent, inclusive, and future-ready financial services.