According to CoinWorld, Tokyo-based blockchain developer Soramitsu is leading the way for Pakistan to enter the digital currency space, collaborating with the State Bank of Pakistan (SBP), with plans to pilot a Central Bank Digital Currency (CBDC) by the end of 2025. With a strong track record in Asia, including the development of Cambodia's Bakong digital currency, Soramitsu's involvement underscores the growing importance of digital assets to modernize financial systems in emerging markets. Soramitsu is pushing for the launch of CBDC in Asian countries. Japan's leading blockchain technology company Soramitsu has partnered with the State Bank of Pakistan to launch the pilot program for the digital rupee. According to Nikkei, the initiative is funded by Japan's Ministry of Economy, Trade and Industry under the Global South Future-Oriented Co-Creation Project, aimed at addressing urgent financial challenges faced by Pakistan's cash-dependent economy. Masato Toriya, an associate professor and expert on Pakistan at Tokyo University of Foreign Studies, stated, "Many transactions in rural areas are conducted in cash, even wage payments, and the proportion of the population with bank accounts remains low." By introducing a CBDC, the project aims to reduce the enormous costs associated with cash circulation and expand financial inclusion. Soramitsu is no stranger to being a pioneer in launching CBDC technology in Asia. The company collaborated with others to develop Cambodia's Bakong, the region's first central bank digital currency, and is now embarking on its largest project to date, targeting Pakistan's 250 million population and an economy valued at approximately $400 billion. The Tokyo-based company is also innovating offline CBDC functionalities, allowing users to conduct digital currency transactions via smartphones without continuous internet access. This feature could be transformative for developing economies where connectivity remains uneven, making Pakistan's pilot a potential global model. Pakistan's broader digital asset strategy. Jameel Ahmad, Governor of the State Bank of Pakistan, revealed in July that the central bank is finalizing legislation to regulate virtual assets and is preparing to soon launch the CBDC pilot. During a speech at the Reuters NEXT Asia Summit in Singapore, Ahmad emphasized Pakistan's commitment to "building our capabilities in SBP digital currency" and laying a regulatory foundation for virtual asset licensing. Meanwhile, Pakistan is intensifying efforts to integrate cryptocurrency into its financial ecosystem. The government-backed Pakistan Crypto Committee was established in March to promote the adoption of virtual assets and explore initiatives like Bitcoin mining using surplus energy. The committee has also engaged with international crypto companies, including Binance and U.S. entities, reflecting a strategic approach to the development of digital assets. While virtual assets have not yet been licensed, the SBP clarified in May that they are not illegal and urged financial institutions to await a formal regulatory framework before engaging with such assets.

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