ISLAMABAD – Pakistan is gearing up to launch its very first central bank digital currency (CBDC) later this year powered by cutting-edge Japanese blockchain technology.
Partnering with award-winning blockchain technology firm Soramitsu, Pakistan’s central bank aims to introduce digital rupee that could transform how 250 million Pakistanis handle money.
Funded by Japan’s Ministry of Economy, Trade, and Industry, the project garnered all attention for a promising cashless future. State Bank Governor Jameel Ahmad said they are building muscle needed for a new digital era, while experts point out that the move could slash the cost of cash distribution in rural Pakistan.
Soramitsu’s previous success stories in Asia and the Pacific have set the stage, but Pakistan is by far its largest and most ambitious undertaking.
The Tokyo-based blockchain developer is designing the system to work even without internet access, meaning Pakistan could become a global model for digital finance in countries with unreliable power and connectivity.
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