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The State Bank of Pakistan (SBP) has officially started the trial phase of its central bank digital currency (CBDC), marking a significant step toward modernizing the country’s financial system. The digital currency will allow transactions without cash or even a bank account, expanding financial inclusion for millions of unbanked Pakistanis.
Pakistan has long faced challenges with limited banking penetration, where nearly 100 million adults remain outside the formal financial system. By launching a CBDC, SBP aims to provide a secure, fast, and paperless alternative to cash, while reducing reliance on physical currency and informal payment channels.
According to SBP officials, the CBDC framework will include strict regulations and monitoring to ensure safe usage. Users will be able to register with their CNIC, access a mobile wallet app, and make instant transfers via QR codes or phone numbers. Government services, taxes, and utility bills will also be payable through the system, providing a new channel for digital governance.
Key Features of Pakistan’s CBDC
| Feature | Details | Estimated Reach |
| Trial Phase | Started Sept 2025 | Nationwide testing |
| Mobile Wallet | App-based with QR payments | ~20m smartphone users |
| Registration | CNIC-based | ~130m valid CNIC holders |
| Financial Inclusion | No bank account required | ~100m unbanked adults |
| Gov. Payments | Taxes, fees, bills | Millions of taxpayers |
Globally, Pakistan joins countries like Nigeria, which has already launched its eNaira, while China, Russia, and the UAE are testing their own CBDCs. Experts believe Pakistan’s CBDC could reduce cash circulation, improve transparency, and cut transaction costs, provided cybersecurity and user adoption challenges are effectively managed.
