Introduction to Digital Currency Initiatives
The Central Bank of Pakistan is on the verge of launching a pilot program for digital currency, alongside finalizing regulations for virtual assets, according to a recent report from Reuters.
Governor’s Vision and Regulatory Framework
During the Reuters NEXT Asia Summit on July 9, Jameel Ahmad, the Governor of the Central Bank, expressed ambitions to enhance the country’s financial framework by advancing its digital currency initiatives. Ahmad emphasized the need for rigorous management of the associated risks while simultaneously capitalizing on the opportunities presented by this rapidly evolving sector.
Regional Monetary Policy Discussions
He also engaged in discussions with his counterpart from Sri Lanka regarding the monetary policy challenges facing South Asia. At this summit, Ahmad noted the significance of the forthcoming legislation that aims to regulate and license the burgeoning virtual asset industry, revealing that the central banking institution has begun outreach efforts to potential technology partners in this domain.
Government’s Commitment to Regulation
In a related development, the Minister of State for Blockchain and Cryptocurrency Affairs announced that the government has endorsed the Virtual Assets Act 2025, which will establish an independent agency tasked with overseeing cryptocurrency regulation in the nation. This initiative signals Pakistan’s commitment to adapting to innovative financial technologies while ensuring consumer protection and regulatory oversight.
