Pakistan’s Central Bank Digital Currency Enters Trial Phase
The State Bank of Pakistan (SBP) has officially announced that its central bank digital currency (CBDC) project has entered the trial phase, marking a significant step toward digital financial inclusion in the country.
Officials say the upcoming digital currency will allow users to make transactions without cash or even a traditional bank account, helping millions access safe and convenient financial services.
How the Digital Currency Will Work
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Users will access the CBDC through a mobile wallet app provided by the State Bank or licensed financial institutions.
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Transactions will be processed instantly via QR codes, making payments fast and secure.
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Registration will require a national identity card, and money can be sent using the recipient’s phone number.
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The wallet will also support government payments, such as taxes and fees, offering a seamless paperless alternative to cash-based transactions.
Regulatory Framework
The SBP is developing a comprehensive framework to regulate and monitor the digital currency. All rules and guidelines will be finalized before the full-scale launch to ensure smooth implementation and oversight.
Global Context
Pakistan joins a growing list of countries exploring central bank digital currencies. Nigeria has already launched a fully operational CBDC, while China, Russia, and the United Arab Emirates are testing pilot programs.
This initiative is expected to revolutionize everyday payments, making financial transactions faster, safer, and more accessible for all Pakistanis.
