State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Wednesday the institution plans to launch a pilot for a digital currency and is finalising legislation to regulate virtual assets as the government ramps up efforts to modernise the country's financial system.
Central banks globally are exploring the use of digital currencies as interest in blockchain-based payments grows. Pakistan's move follows similar steps by regulators in China, India, Nigeria and several Gulf states to test or issue digital currencies through controlled pilot programmes.
At 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.
