The State Bank of Pakistan (SBP) is preparing to launch a pilot project for a central bank digital currency (CBDC), with final steps underway to introduce legislation to regulate virtual assets, Governor Jameel Ahmad announced at the Reuters NEXT Asia summit in Singapore on Wednesday.
Speaking at the event, the SBP chief said the central bank was enhancing its technical capacity to handle digital currency and expected a pilot program to be introduced soon. He noted that the upcoming law would provide a legal framework for licensing and regulating the virtual asset sector.
Read More: Mashreq Begins Pilot Operations in Pakistan with Strategic guidance from SBP
Governor Ahmad acknowledged that while virtual assets carry certain risks, they also present valuable opportunities. He stressed the importance of balancing innovation with strong oversight, saying authorities must manage risks wisely without missing out on the benefits of emerging digital financial tools.
The central bank is reportedly working with various technology partners to support the project.
Earlier this year, the Government of Pakistan approved the “Virtual Assets Act, 2025,” after receiving backing from the Federal Cabinet, the Prime Minister, and the President. The law is expected to regulate cryptocurrency and digital financial services in the country.
