Business Desk 
Jul 09, 2025
The State Bank of Pakistan (SBP) is preparing to launch a pilot project for a digital currency and is finalising legislation to regulate virtual assets.
At the Reuters NEXT Asia summit in Singapore, SBP Governor Jameel Ahmad announced on Wednesday that Pakistan was “building up our capacity on the central bank digital currency” and expressed hope that a pilot would be launched soon.
Ahmad said a new law would “lay down the foundations for the licensing and regulation” of the virtual assets sector, adding that SBP was interacting with several tech partners.
It is worth noting that the move builds on efforts by the government-backed Pakistan Crypto Council (PCC), which was set up in March to drive virtual asset adoption.
Notably, the PCC is exploring bitcoin mining using surplus energy, has appointed Binance founder Changpeng Zhao as a strategic adviser and plans to establish a state-run bitcoin reserve.
Speaking to the attendees, the SBP governor stated: “There are risks associated, and at the same time, there are opportunities in this new emerging field. So, we have to evaluate and manage the risk very carefully, and at the same time not allow to let go of the opportunity."
Pakistan’s State Minister on blockchain and crypto Bilal bin Saqib stated that Pakistan's government had approved the "Virtual Assets Act, 2025," creating an independent regulator to license and oversee the crypto sector.
Ahmad said that Pakistan has cut its benchmark rate from a peak of 22% to 11% over the past year, as inflation slumped from 38% in May 2023 to 3.2% in June, averaging 4.5% in the 2025 fiscal year just ended, a nine-year low.
