The State Bank of Pakistan (SBP) confirmed that its central bank digital currency (CBDC) project has entered the trial phase.
Officials said the upcoming digital currency will enable transactions without traditional cash or even a bank account, helping expand financial inclusion across the country.
The SBP is developing a comprehensive framework to regulate and monitor digital currency. Rules and guidelines will be finalized before the pilot launch to ensure smooth implementation and oversight.
The project is being designed to support everyday payments, allowing users to transfer money quickly and securely using mobile phones.
How the digital wallet will work
- The State Bank or licensed financial institutions will provide users with a mobile wallet app.
- Transactions will be processed instantly via QR codes.
- Registration will be completed using a national identity card.
- Money can be transferred by entering the recipient’s phone number.
- Government-related payments, such as taxes and fees, will also be payable through the wallet.
The system aims to provide a safe, simple, and paperless alternative to cash-based transactions.
Pakistan is not alone in exploring digital currency. Nigeria has already launched a fully operational CBDC, while China, Russia, and the United Arab Emirates are running pilot programs to test their own digital currencies.
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Hello Guys How Are You All
Nice Futuristic Step
Yeah no . Never trusting this govt or sbp on this . And in crypto there are no regulations so never trusting a lawless gambler
Speaking exactly like a person who has no knowledge of crypto
That’s you . Noticed you didn’t prove me wrong .
This will be Pakistan’s own digital currency, public will return paper currency to SBP and SBP will deposit equivalent amount into wallet, so paper currency will be vanished gradually. Nothing to do with crypto.
Yeah that’s exactly how they said that in Argentina .
Even Argentina president claimed it was Argentina currency. Javier milei used to say exactly how you said it .
Guess what happened next ?
Definitely digital currency will come up and reshape the future but as per scenarios seen so far this is going to be a nightmare for us rather then a blessingas it should have beeen. Only due to incompetence of the decision maker and force of executor. I think so far we do not have the system supported for this change and moral courage to accept our misleading diplomatic actions and the team in power is not only incompetent but selfish as well. And government do not seem to take corrective actions on this.
Let’s just pray for the country to survive.
It’s a challenging step but if the Pakistani community of abroad except this then no one in the world beat us in this field.
Dajjal is going to enter in Pakistan
They are going to make Pakistan a state full slave
Maybe this can free us from Soudi system of banking
Compliance and surveillance in the garb of convenience.
Good step Pakistan insha’Allah will grow up
Its all about Pakistan’s digital currency and SBP commitment through mobile (App systems) which is definitely without paper notes. Thats why, I never saw even a single word about the cryptocurrency here in this news above.
In digital currency / crypto currencies there are more chances of embezzlement as the transactions would not be traceable.
It’s not digital currency actually (as written in how it will work). It’s just your money being used digitally. Same as we do online transfers now, without paper notes. With QR code scanning it might get easier to send and receive. A little convenient than a phone number RAAST ID we have now. That’s it ?