Key notes
- Pakistan will soon launch a pilot program for the Central Bank digital currency (CBDC).
- The new “Virtual Assets Act, 2025” introduces clear license and regulation.
- The country aims to join other people like India and Nigeria in CBDC tests.
Pakistan is preparing to launch a pilot program for a potential digital currency as part of its wider digital finance reform efforts. This initiative comes in the midst of the finalization of legislation governing the use of cryptographic assets in the country.
The Governor of the Central Bank, Jameel Ahmad, revealed on July 9 at the Reuters Next Asia summit in Singapore that Pakistan is working on its ability to develop a digital currency from the Central Bank, with plans to launch a pilot program in the near future.
Governor Ahmad said that the new legislation will help “establish the foundations for granting licenses and regulations” in the virtual asset sector.
Speaking on a panel alongside the Governor of the Central Bank of Sri Lanka, P. Nandalal Weerasinghe, he also confirmed that the Central Bank of Pakistan is working with several technological partners.
Bilal Bin Saqib, Pakistani Minister of the Blockchain and Crypto, announced that the government had adopted the “Virtual Assets Act, 2025”, which establishes an independent authority responsible for granting licenses and regulation of the cryptocurrency industry.
With this decision, Pakistan joins other nations such as Nigeria and India to explore the digital currencies of the Central Bank and assess their efficiency through pilot programs.
Pakistan’s position on cryptocurrency
In 2022, Pakistan promulgated the law on the establishment of electronic money, considered a crucial step before launching a CBDC in 2025.
The legislation aims to concede and regulate electronic fund institutions (issues), ensuring that these non -banking entities obtain the necessary authorization before issuing electronic money for digital payment services.
Pakistan has recently taken measures towards the adoption of cryptocurrencies. Bilal Bin Saqib met Michael Saylor, executive president of Microstrategy, to explore the possibility of creating national Bitcoin reserves, with Saylor offering advisory support.
Previously, SAQIB was in different meetings with Brandon LITNICK, Chairman and CEO of Cantor Fitzgerald, a global financial service company and the mayor of New York, Eric Adams, to discuss the role of Bitcoin in the country.
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Rose is a writer of cryptographic content with solid experience in finance and technology. It simplifies complex blockchain and cryptocurrency subjects, offering insightful articles and market analysis to help readers sail in the evolving cryptography landscape.
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