tl;dr
Tokyo-based blockchain developer Soramitsu is leading Pakistan’s initiative to pilot a central bank digital currency (CBDC), working with the State Bank of Pakistan (SBP) to launch a digital rupee by 2025. Supported by Japan’s Ministry of Economy, Trade, and Industry, this project aims to modernize ...
Tokyo-based blockchain developer Soramitsu is leading Pakistan’s efforts to introduce a central bank digital currency (CBDC), working closely with the State Bank of Pakistan (SBP) to pilot a digital Pakistani rupee by the end of 2025. Drawing on its Asian expertise, notably with Cambodia’s Bakong digital currency, Soramitsu highlights the rising focus on digital assets to modernize financial systems in emerging markets.
Soramitsu’s partnership with the SBP is supported by Japan’s Ministry of Economy, Trade, and Industry, aiming to tackle Pakistan’s largely cash-based economy where many rural transactions occur outside formal banking channels. Associate Professor Masato Toriya emphasizes the need to improve financial inclusion and reduce the high costs of cash circulation through the adoption of a CBDC.
Having co-developed Cambodia’s Bakong, Soramitsu is now undertaking its largest project with Pakistan, a nation of 250 million people and a $400 billion economy. The company is also innovating offline CBDC functionalities that allow transactions without continuous internet, a game-changing feature for regions with limited connectivity. This could make Pakistan’s pilot a globally significant model for CBDC technology in developing economies.
Alongside the CBDC initiative, SBP Governor Jameel Ahmad confirmed regulatory preparations for virtual asset licensing, reinforcing Pakistan’s commitment to digital currency capacity-building. The government-established Pakistan Crypto Council promotes cryptocurrency adoption, including bitcoin mining operations using surplus energy, and collaborates with international crypto firms such as Binance, signaling a strategic approach to virtual asset integration.
While virtual assets are currently unlicensed, the SBP clarified they are not illegal, advising financial institutions to await formal regulatory frameworks before engaging with them. These combined efforts underscore Pakistan’s multifaceted strategy to embrace digital financial innovation through regulation, technology, and international partnerships.