Tag: central bank digital currency

The State Bank of Pakistan has partnered with Japanese blockchain developer Soramitsu to launch a central bank digital currency pilot, following the enactment of the Virtual Assets Act 2025 and the creation of a new regulatory framework for virtual assets.

The State Bank of Pakistan and Japan’s Soramitsu will launch a pilot of a digital Pakistani rupee this year, aiming to enhance financial inclusion and reduce cash dependency with offline CBDC capabilities.

The UAE is preparing to launch its Digital Dirham by the end of 2025, introducing a government-backed digital currency designed to enhance financial access, reduce transfer costs, and enable smart contracts. Backed by blockchain, the Digital Dirham will transform payments and drive the country’s digital economy forward.

Pakistan has initiated a digital currency pilot, moving closer to a Central Bank Digital Currency (CBDC) era. The pilot reflects growing regulatory momentum toward fintech innovation and reshaping payment systems in the region.

Pakistan aims to complete its central bank digital currency pilot by June 2026, supported by the newly formed Pakistan Virtual Assets Regulatory Authority. This development marks a significant step in formalizing the virtual economy and enhancing tax net compliance through regulated crypto transactions.

ICMAP has proposed a detailed framework to regulate cryptocurrency and launch a CBDC in Pakistan, aiming to modernize the financial sector, attract investment, and enhance financial inclusion.

The State Bank of Pakistan is preparing to launch a pilot for its central bank digital currency, while finalizing legislation to regulate virtual assets. This move signals Pakistan’s commitment to digital finance under a robust regulatory framework.