The State Bank of Pakistan (SBP) is getting ready to roll out a pilot project for a digital currency and is in the final stages of drafting legislation to regulate virtual assets, Governor Jameel Ahmad announced on Wednesday, according to Reuters.
At the Reuters NEXT Asia summit in Singapore, the governor said Pakistan was “building up our capacity on the central bank digital currency” and expressed hope that a pilot would be launched soon.
The central bank governor said a new law would “lay down the foundations for the licensing and regulation” of the virtual assets sector, adding that SBP was engaging with several tech partners.
There are risks involved, but this emerging field also offers opportunities. Therefore, we need to assess and manage the risks carefully while making sure we don’t lose the chance to benefit, he said.
It is pertinent to mention here that the Government of Pakistan has formally approved the “Virtual Assets Act, 2025,” following endorsements from the Federal Cabinet, the Prime Minister, and the President of Pakistan.