Pakistan’s Digital Currency: A Comedy of Errors and Triumphs 🤣💰

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In a world where digital currencies are the new black, Pakistan is not one to be left behind, or so they say. The nation is gearing up to launch a pilot program for a potential digital currency, a move that could either revolutionize the financial landscape or simply add another chapter to the great digital finance reform comedy. 🎭

Central Bank Governor Jameel Ahmad, a man known for his impeccable timing, revealed this grand plan on July 9 at the Reuters NEXT Asia summit in Singapore. With the flair of a seasoned magician, he announced that Pakistan is not just dabbling in the idea of a central bank digital currency (CBDC) but is actively working on it, with a pilot program set to launch in the near future. 🚀

“This new legislation will lay down the foundations for the licensing and regulation of the virtual assets sector,” Governor Ahmad declared, as if he were unveiling a new flavor of ice cream. But let’s not get ahead of ourselves; laying down foundations is one thing, building a sturdy house is quite another. 🏠

During a panel discussion with Sri Lanka’s central bank governor, P. Nandalal Weerasinghe, Governor Ahmad also mentioned that Pakistan’s central bank is collaborating with several technology partners. One can only imagine the brainstorming sessions—“What if we make the currency glow in the dark?” 🌟

Bilal bin Saqib, Pakistan’s state minister for blockchain and crypto, added a dash of excitement to the mix by announcing that the government has passed the “Virtual Assets Act, 2025.” This act establishes an independent authority responsible for licensing and regulating the cryptocurrency industry. It’s like giving a child a toy and then setting rules on how to play with it. 🧸

With this move, Pakistan joins the ranks of other nations like Nigeria and India, who are also exploring CBDCs. It’s a bit like a school of fish swimming in the same direction, hoping that the water is indeed warmer on the other side. 🐟

Pakistan’s Stance on Cryptocurrency

In 2022, Pakistan took a significant step by enacting the Electronic Money Institution law, a move that many saw as a precursor to the launch of a CBDC in 2025. The law aims to license and regulate Electronic Money Institutions (EMIs), ensuring that these non-bank entities obtain the necessary authorization before issuing e-Money for digital payment services. It’s like making sure the horse is in the stable before you start the race. 🏇

Pakistan has also been making strides in cryptocurrency adoption. Bilal bin Saqib met with Michael Saylor, the Executive Chairman of MicroStrategy, to explore the possibility of creating national Bitcoin reserves. Saylor, ever the optimist, offered advisory support, as if he were handing out free advice at a street corner. 🍎

Before that, Saqib was in meetings with Brandon Lutnick, the Chairman and CEO of Cantor Fitzgerald, and New York City Mayor Eric Adams. The discussions centered around Bitcoin’s role in the country, a topic as hot as a summer day in Karachi. 🌞

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2025-07-09 22:33