On Thursday, the governor of the State Bank of Pakistan, Jameel Ahmad, announced plans to accelerate the development of a central bank digital currency (CBDC). A digital Pakistani rupee could be introduced by 2025.
The State Bank of Pakistan has largely lagged behind in the global CBDC race. Other countries in the region, including India, have been working on pilot trials for some time now, with plans to test wholesale and retail use cases already underway.
In contrast, Pakistan has been dragging its feet. The central bank tabled laws to lay the groundwork for a future digital currency in 2019, but although it is now fast-tracking its implementation, it appears to be in an early research phase.
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