The State Bank of Pakistan has started the trial phase of its central bank digital currency project. Officials said the new digital money will allow people to make payments without cash or even a bank account, making it easier for more citizens to access financial services.
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The central bank is preparing rules and a full framework before the pilot launch to ensure safe use and proper monitoring. The system will work mainly through mobile phones and is expected to support fast and secure everyday transactions.
With this project, Pakistan joins countries like China, Russia, and the UAE that are already testing digital currencies, while Nigeria has fully launched its version.
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How the digital wallet will work:
- State Bank or licensed banks will provide users with a wallet app.
- Transactions will be done instantly using QR codes.
- Registration will require a national identity card.
- Money transfers can be made using the recipient’s phone number.
- Taxes, fees, and other government payments can also be paid through the wallet.
