The State Bank of Pakistan (SBP) is preparing to launch the pilot of the country's first digital currency within the next two months, according to the deputy governor of the central bank.
Central bank digital currencies (CBDCs) are being considered as a potential replacement for physical cash, and they are regulated and issued by state-owned banks.
In 2018, Pakistan declared virtual currencies illegal, including Bitcoin and Litecoin. CBDCs, built on blockchain technology, offer enhanced security and are designed to complement traditional forms of money.
The SBP will conduct a pilot or sandbox test to carefully evaluate the digital currency before its official launch, which aligns with their strategic plan, "SBP Vision 2028," aimed at transforming the central bank into a technologically advanced and people-centric institution
Central bank digital currencies (CBDCs) are being considered as a potential replacement for physical cash, and they are regulated and issued by state-owned banks.
In 2018, Pakistan declared virtual currencies illegal, including Bitcoin and Litecoin. CBDCs, built on blockchain technology, offer enhanced security and are designed to complement traditional forms of money.
The SBP will conduct a pilot or sandbox test to carefully evaluate the digital currency before its official launch, which aligns with their strategic plan, "SBP Vision 2028," aimed at transforming the central bank into a technologically advanced and people-centric institution