The initiative, led by the State Bank of Pakistan (SBP), was confirmed by Governor Jameel Ahmad during the Reuters NEXT Asia summit in Singapore. As if the world needed another digital currency, but hey, why not? 🤷♂️
As part of this move, the SBP is actively preparing for a pilot program to test how a digital version of the Pakistani rupee could function within the financial system. This places Pakistan among a growing number of countries exploring blockchain-backed currencies through limited and controlled rollouts. It’s like a digital treasure hunt, but with more paperwork and less treasure. 📝🔍
In addition to the CBDC pilot, the SBP is working on finalizing legislation aimed at regulating the broader digital asset space. The forthcoming legal framework will establish licensing and compliance standards for virtual asset service providers, offering clearer rules for crypto-related activities in the country. It’s like giving a speeding ticket to a snail, but hey, it’s a start! 🐌🚫
Governor Ahmad emphasized that while the government is eager to harness the benefits of digital innovation, it remains cautious of the risks. The goal is to strike a balance between encouraging progress and ensuring financial stability. It’s like trying to juggle chainsaws while walking a tightrope—exciting, but a bit risky. 🔥knife Acrobat
This development follows the formation of the Pakistan Crypto Council (PCC) earlier this year—a government-supported initiative created to promote the responsible growth of the virtual asset industry. With these efforts, Pakistan aims to update its financial infrastructure and align itself with global digital currency trends. It’s like trying to catch up with the future, one digital step at a time. 🚀💪
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2025-07-09 18:29