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Pakistan Taps Japan’s Soramitsu for CBDC Pilot

Pakistan Taps Japan’s Soramitsu for CBDC Pilot

Published:
2025-08-13 09:10:02
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BTCCSquare news:

Pakistan is turning to digital currency innovation with Japanese blockchain firm Soramitsu leading a pilot for a central bank digital currency (CBDC). The State Bank of Pakistan's initiative, backed by Japan’s Ministry of Economy, Trade, and Industry, targets financial inclusion in a cash-dominated economy where rural wage payments often bypass traditional banking.

Soramitsu brings proven expertise from developing Cambodia’s Bakong, Asia’s first CBDC. This project marks its most ambitious yet—addressing cash circulation costs and banking access for Pakistan’s 250 million people. "Many transactions in rural areas are cash-based," notes Masato Toriya of Tokyo University of Foreign Studies, highlighting the systemic gap a digital rupee could bridge.

The Tokyo-based firm is also pioneering offline CBDC functionality, though technical details remain undisclosed. Emerging markets increasingly view blockchain-based solutions as catalysts for financial modernization, with Pakistan’s MOVE signaling broader regional momentum.

|Square

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