Addressing the news conference, Governor Jameel Ahmed said that the SBP has been working to launch a Central Bank Digital Currency (CBDC) and a bill to provide the required legal framework is under consideration with the federal government.

He said that the SBP has been closely assessing the developments across the globe, and learning from other countries’ technological frameworks.

“We also need to make sure that our own legal and regulatory systems are equipped to handle this transition of digital currency, therefore to make it legal, a bill is currently under consideration by the federal government”, he told reporters.

In response to a question, SBP Governor Jameel Ahmed stated that after the passage of this bill, it will provide the legal foundation necessary to move forward with the digital currency initiative.

“We have been working on strengthening our technological capabilities because this is a very technical subject. It is not just about launching a new currency, it is about understanding how the world is evolving and ensuring that we are not left behind,” the Governor added.