The State Bank of Pakistan (SBP) is gearing up to launch a pilot project for a central bank digital currency (CBDC) and is in the final stages of drafting legislation to regulate virtual assets, Governor Jameel Ahmad announced at the Reuters NEXT Asia summit in Singapore.
Ahmad confirmed that the SBP is “building capacity” for the CBDC and expects the pilot to begin soon. He also revealed that the new law will establish a framework for licensing and regulating Pakistan’s virtual assets sector, with the central bank working alongside multiple technology partners.
While acknowledging the risks in digital finance, Ahmad emphasized the importance of balancing caution with innovation to seize the opportunities this emerging field offers.
This development comes after President Asif Ali Zardari officially approved the Virtual Assets Act, 2025, paving the way for regulation of cryptocurrencies and digital finance in Pakistan.
