SBP digital rupee pilot is no longer just a concept — it’s quickly becoming a reality. Governor Jameel Ahmad of the State Bank of Pakistan (SBP) announced that the central bank is gearing up to launch its first-ever digital currency pilot, a bold step toward modernizing Pakistan’s financial infrastructure.
Speaking at the Reuters NEXT Asia Summit in Singapore, Ahmad revealed that the SBP digital rupee pilot is part of a broader strategy to position Pakistan within the global shift toward blockchain-based payments. Countries like China, India, Nigeria, and several Gulf states have already taken the lead with digital currency initiatives. Now, Pakistan is stepping onto the same path, cautiously but ambitiously.
According to Ahmad, Pakistan is “building up capacity” for a central bank digital currency (CBDC) and is finalizing legislation to regulate the rapidly growing virtual asset sector. He stressed that this pilot won’t be rushed. Instead, the government is laying a solid legal and regulatory foundation through the upcoming Virtual Assets Act 2025.
The SBP digital rupee pilot is also closely linked to Pakistan’s wider crypto efforts. The government-backed Pakistan Crypto Council (PCC), formed in March, is pushing for the adoption of digital assets. It’s exploring ideas like bitcoin mining using surplus energy, forming partnerships with international crypto firms, and even setting up a state-managed bitcoin reserve. Notably, Binance founder Changpeng Zhao has been brought on as a strategic advisor, indicating how seriously Pakistan is taking its blockchain future.
While the central bank confirmed earlier this year that virtual assets are not illegal, it advised financial institutions to avoid engaging until a clear licensing framework is in place. The upcoming legislation will address this gap by creating an independent regulator for the crypto space.
Ahmad acknowledged the double-edged nature of the industry. “There are risks, and there are also opportunities,” he said. The key, he added, is careful risk management without missing the global momentum.
Alongside these digital developments, the SBP continues to maintain a tight monetary policy. Inflation has dropped sharply — from 38% in May 2023 to just 3.2% in June 2025 — thanks to strategic rate cuts, with the benchmark rate falling from 22% to 11%. Reserves have also grown from under $3 billion to a more stable $14.5 billion in two years.
The country’s $7 billion IMF programme, which runs through 2027, remains on track. Ahmad expressed confidence that Pakistan may not need another immediate bailout once the current one concludes.
However, challenges remain. Despite economic reforms, digital currency regulation, and rising reserves, questions around defense financing — especially concerning potential imports from China — remain unanswered.
Still, as Pakistan prepares to test its SBP digital rupee pilot, it signals a clear shift: the future of finance is digital, and Pakistan intends to be part of it — even if the road is uncertain.
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