State Bank of Pakistan Legalizes Cryptocurrency; A Digital Rupee Revolt
INTRODUCTION The State Bank of Pakistan took a revolutionary step towards the digitalization of currency by allowing the use of cryptocurrency under an exclusive acquisition. This decision was made with the introduction of the Virtual Asset Bill 2025, which withdrew the advisory against virtual assets and introduced a Digital Rupee - its version of a Central Bank Digital Currency (CBDC). In a digital policy shift, the State Bank of Pakistan (SBP) has officially moved to legalize cryptocurrency and initiate the launch of a Central Bank Digital Currency (CBDC) — the Digital Rupee. This bold step marks a turning point in Pakistan’s financial history, signaling a move from traditional monetary systems to a digitally regulated financial ecosystem. For years, cryptocurrencies existed in a legal grey area in Pakistan. Now, under the SBP’s new framework, virtual assets will gain recognition, regulation, and integration into the national economy. In this new law, individuals will be able
How Raast facilitates cross border digital payments
State Bank of Pakistan Governor Jameel Ahmed recently announced that Pakistan has reached a significant milestone by enabling cross-border payments in Pakistani rupees between Pakistan and Arab countries. This has been achieved by integrating the country's Raast instant payment system with the Buna platform of the Arab Monetary Fund. Moreover, Pakistan's central bank is working towards allowing e-wallet holders in the country to make direct payments in China via online banking, as part of its broader initiative to enhance regional financial connectivity and promote digitalization. The SBP also unveiled plans to launch the third National Financial Inclusion Strategy (NFIS) 2028 during the fiscal year 2024-25. This strategy aims to expand banking services to 75% of the adult population, up from the current 60%, with the goal that by 2028, 25% of these users will be women. Raast is Pakistan's first instant payment platform which enables end-to-end digital payments between individuals, businesses and government
