ISLAMABAD – In a significant leap towards digital finance, the State Bank of Pakistan (SBP) has joined hands with Soramitsu, a leading Japanese blockchain technology developer, to launch a pilot for a central bank digital currency (CBDC) later this year. The project will run on Soramitsu’s CBDC platform, funded by Japan’s Ministry of Economy, Trade and Industry under the Global South Future-Oriented Co-Creation Project.
The pilot aims to address financial inclusion challenges, particularly in rural Pakistan where cash-based transactions remain prevalent, and the bank account penetration is low. The CBDC initiative seeks to lower the costs associated with cash distribution while modernising the payment system across the country.
The digital Pakistani rupee pilot, which is set to cover 250 million people and a $400 billion economy, is Soramitsu’s largest project to date. Notably, the platform will also feature offline capabilities, allowing smartphone transactions without an internet connection, positioning it as a model for other developing economies.
SBP Governor Jameel Ahmad confirmed that the central bank is in the final stages of finalising legislation to regulate virtual assets, with plans for a pilot launch underway .
