ISLAMABAD – Pakistan is gearing up to launch its very first central bankdigital currency (CBDC) later this year powered by cutting-edge Japaneseblockchain technology.
Partnering with award-winning blockchain technology firm Soramitsu,Pakistan’s central bank aims to introduce digital rupee that couldtransform how 250 million Pakistanis handle money.
Funded by Japan’s Ministry of Economy, Trade, and Industry, the projectgarnered all attention for a promising cashless future. State Bank GovernorJameel Ahmad said they are building muscle needed for a new digital era,while experts point out that the move could slash the cost of cashdistribution in rural Pakistan.
Soramitsu’s previous success stories in Asia and the Pacific have set thestage, but Pakistan is by far its largest and most ambitious undertaking.
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The Tokyo-based blockchain developer is designing the system to work evenwithout internet access, meaning Pakistan could become a global model fordigital finance in countries with unreliable power and connectivity.