Pakistan, Aug. 13 -- In a major step towards digitisation, the State Bank of Pakistan (SBP) is working with Soramitsu, a Japanese blockchain technology developer, to pilot a central bank digital currency (CBDC) in the country this year, reported Nikkei Asia on Tuesday.

As per the report, the digital Pakistani rupee pilot will be run on Soramitsu's CBDC platform with funding from the Global South Future-Oriented Co-Creation Project of Japan's Ministry of Economy, Trade and Industry.

"Many transactions in rural areas are cash-based, even for wage payments, and the rate of people with bank accounts is low," Masato Toriya, associate professor at Tokyo University of Foreign Studies and specialist in Pakistan, told Nikkei Asia.

As per the re...