{"id":102737,"date":"2025-07-10T16:47:53","date_gmt":"2025-07-10T11:47:53","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=102737"},"modified":"2025-07-10T16:57:57","modified_gmt":"2025-07-10T11:57:57","slug":"pak-moves-toward-digital-currency","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/pak-moves-toward-digital-currency.html","title":{"rendered":"Pak moves toward digital currency with new virtual asset framework"},"content":{"rendered":"\n

Karachi: Pakistan is preparing to launch a pilot for a central bank digital currency (CBDC) and has formally approved legislation to regulate virtual assets, in a move aimed at modernising the country\u2019s financial system and aligning with global trends.<\/p>\n\n\n\n

Speaking at the Reuters NEXT Asia summit in Singapore on Wednesday, State Bank of Pakistan (SBP) Governor Jameel Ahmad confirmed that the central bank is in the final stages of readiness for a CBDC pilot. \u201cWe are building up our capacity on the central bank digital currency and hope to roll out a pilot soon,\u201d he said during a panel discussion alongside Sri Lanka\u2019s central bank governor.<\/p>\n\n\n\n

Read: PM calls for nationwide rollout of digital payment system<\/a><\/p>\n\n\n\n

The initiative places Pakistan among a growing list of countries \u2014 including China, India, Nigeria, and several Gulf nations \u2014 that are testing or implementing state-backed digital currencies amid increasing interest in blockchain-based financial solutions.<\/p>\n\n\n\n

At the same time, the Government of Pakistan has enacted the Virtual Assets Act 2025, following approvals from the federal cabinet, the prime minister, and the president. The law establishes the Pakistan Virtual Asset Regulatory Authority (PVARA), an autonomous body with powers to license, regulate, and supervise all entities dealing with virtual assets.<\/p>\n\n\n\n

Under the new framework, any person or company offering virtual asset services in or from Pakistan must be licensed by PVARA. The law outlines a structured licensing regime, including requirements for incorporation, compliance systems, and reporting standards. The regulatory model aligns with international financial compliance norms, including those of the Financial Action Task Force (FATF).<\/p>\n\n\n\n

SBP Governor Ahmad stated that the law would \u201clay down the foundations for the licensing and regulation\u201d of Pakistan\u2019s growing virtual asset sector. He added that the central bank is in discussions with technology partners to support the pilot and regulatory infrastructure.<\/p>\n\n\n\n

The policy shift builds on efforts by the Pakistan Crypto Council (PCC), a government-backed body established in March 2025. The PCC is working to promote virtual asset adoption and has explored using surplus energy for bitcoin mining. Notably, Binance founder Changpeng Zhao was recently appointed as a strategic adviser to the council. The PCC has also held discussions with international crypto firms, including the U.S.-based World Liberty Financial.<\/p>\n\n\n\n

Read: Pak enters digital frontier with state-owned Bitcoin wallet<\/a><\/p>\n\n\n\n

In May, the SBP clarified that while virtual assets were not deemed illegal, financial institutions should refrain from engaging with them until a formal licensing regime was in place.<\/p>\n\n\n\n

\u201cThere are risks associated, and at the same time, there are opportunities in this new emerging field,\u201d Ahmad said. \u201cWe must manage risk carefully while also seizing the opportunity.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Karachi: Pakistan is preparing to launch a pilot for a central bank digital currency (CBDC) and has formally approved legislation to regulate virtual assets, in a move aimed at modernising the country\u2019s financial system and aligning with global trends. Speaking at the Reuters NEXT Asia summit in Singapore on Wednesday, State Bank of Pakistan (SBP) Governor Jameel Ahmad confirmed that the central bank is in the final stages of readiness for a CBDC pilot. \u201cWe are building up our capacity on the central bank digital currency and hope to roll out a pilot soon,\u201d he said during a panel discussion alongside Sri Lanka\u2019s central bank governor. Read: PM calls for nationwide rollout of digital payment system The initiative places Pakistan among a growing list of countries \u2014 including China, India, Nigeria, and several Gulf nations \u2014 that are testing or implementing state-backed digital currencies amid increasing interest in blockchain-based financial solutions. At the same time, the Government of Pakistan has enacted the Virtual Assets Act 2025, following approvals from the federal cabinet, the prime minister, and the president. The law establishes the Pakistan Virtual Asset Regulatory Authority (PVARA), an autonomous body with powers to license, regulate, and supervise all entities…<\/p>\n","protected":false},"author":18,"featured_media":76277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[65959,65967,65946,65958,65939,65965,65945,65665,65963,65961,35933,64815,63810,64936,65962,65960,65940,65943,65966,65964,2631,65956,65942,65968],"persona":[],"class_list":{"0":"post-102737","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-binance","9":"tag-bitcoin-mining-pakistan","10":"tag-blockchain-pakistan","11":"tag-cbdc-pakistan","12":"tag-central-bank-digital-currency","13":"tag-changpeng-zhao","14":"tag-crypto-regulation-pakistan","15":"tag-cryptocurrency-pakistan","16":"tag-digital-currency-pilot","17":"tag-digital-finance-pakistan","18":"tag-fatf-compliance","19":"tag-fintech-pakistan","20":"tag-jameel-ahmad","21":"tag-pakistan-crypto-council","22":"tag-pakistan-digital-currency","23":"tag-pakistan-financial-reform","24":"tag-pakistan-virtual-asset-regulatory-authority","25":"tag-pvara","26":"tag-reuters-next-asia","27":"tag-sbp-digital-currency-pilot","28":"tag-state-bank-of-pakistan","29":"tag-virtual-asset-licensing","30":"tag-virtual-assets-act-2025","31":"tag-world-liberty-financial","32":"cat-15017-id"},"acf":[],"yoast_head":"\nPak moves toward digital currency - 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