Pakistan, Aug. 13 -- The State Bank of Pakistan (SBP) has reportedly selected a Japanese company to develop the country's central bank digital currency (CBDC), following the government's approval of the Virtual Assets Act 2025 last month.

The blockchain technology developer, Soramitsu, will work with SBP on a pilot program to introduce CBDC in Pakistan. The announcement came after SBP Governor Jamil Ahmed revealed plans to start the pilot and finalize regulations for digital assets.

The Virtual Assets Act, approved on July 9, establishes the Pakistan Virtual Asset Regulatory Authority (PVARA), an independent federal body responsible for licensing and monitoring virtual asset service providers across the country.

Under the new law, all ...