The State Bank of Pakistan (SBP) said that its central bank digital currency (CBDC) project has officially entered the trial phase, marking a significant step towards the country’s widespread use of digital payments.
According to officials, the forthcoming digital currency will enable transactions without the need for conventional cash or even a bank account, thereby contributing to the expansion of financial inclusion throughout the nation.
Rules and framework are being developed.
The SBP is reportedly creating a thorough structure to oversee and control digital currency. To ensure seamless implementation and supervision, the regulations and guidelines will be finalized prior to the pilot launch.
The project is being developed to facilitate regular payments, enabling customers to send money safely and swiftly with a mobile device.
