SBP Partners Japan’s Soramitsu to Launch Digital Rupee

The State Bank of Pakistan (SBP) is set to modernize the nation’s financial ecosystem through a collaboration with ソラミツ SORAMITSU | 2016-2025, a Japanese blockchain technology firm, to roll out a central bank digital currency (CBDC) the digital rupee later this year. This project is being supported by Japan’s Ministry of Economy, Trade and Industry under its Global South Future-Oriented Co-Creation Project, reflecting a strong blend of technological innovation and international partnership.

The pilot program aims to drive financial inclusion, especially in rural and underbanked regions where cash remains the primary mode of transaction. Soramitsu, recognized for developing Cambodia’s Bakong digital currency, will utilize its CBDC platform for the initiative its largest to date targeting nearly 250 million people in a USD 400 billion economy. A key highlight is its offline transaction capability, enabling smartphone users to make payments without constant internet connectivity, a critical feature for areas with unreliable network access.

Alongside the CBDC launch, the SBP is working on refining regulations for virtual assets, including possible licensing and oversight procedures. The creation of the Pakistan Crypto Council (PCC) earlier this year signals broader ambitions in the digital asset space, from bitcoin mining using surplus energy to exploring a potential national bitcoin reserve, with guidance from global industry figures such as Binance founder Changpeng Zhao. While the SBP maintains that virtual assets are not prohibited, it has advised financial institutions to hold off on involvement until the official regulatory framework is finalized.

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