State Bank of Pakistan Governor Jameel Ahmad speaks at the Reuters NEXT Asia summit in Singapore July 9, 2025 — Reuters
Pakistan to Launch Digital Currency Pilot Soon
Singapore: The State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Wednesday that the central bank is preparing to launch a pilot for a digital currency and is in the final stages of preparing legislation to regulate virtual assets.
This move comes as Islamabad ramped up efforts to modernize its financial system amid a rising global interest in blockchain-based payments, with central banks around the globe exploring the use of digital currencies.
The SBP's latest efforts for a digital currency come after China, India, Nigeria, and several Gulf states made similar moves to test or issue digital currencies through controlled pilot programs.
While attending the Reuters NEXT Asia summit in Singapore, Ahmad said Pakistan was "building up our capacity on the central bank digital currency" and hoped to roll out a pilot soon.
He was speaking on a panel alongside Sri Lanka's central bank governor, P Nandalal Weerasinghe, with both discussing monetary policy challenges in South Asia.
Ahmad said a new law would "lay down the foundations for the licensing and regulation" of the virtual assets sector and that the central bank was in touch with some tech partners.
The move builds on efforts by the government-backed Pakistan Crypto Council, set up in March to drive virtual asset adoption. The PCC is exploring bitcoin mining using surplus energy and has appointed Binance founder Changpeng Zhao as a strategic adviser. It plans to establish a state-run bitcoin reserve.
It has also held talks with US-based crypto firms, including the Trump-linked World Liberty Financial. - Reuters
