Pakistan Enlists Japanese Help in CBDC Endeavor
Main Idea
Pakistan is collaborating with Japan-based blockchain developer Soramitsu to develop a central bank digital currency (CBDC) with offline payment capabilities, supported by Japan's Ministry of Economy, Trade, and Industry.
Key Points
1. Soramitsu, a Japanese blockchain firm, will assist Pakistan in developing its CBDC pilot, which includes offline payment features.
2. The project is funded by Japan’s Global South Future-Oriented Co-Creation Project under the Ministry of Economy, Trade, and Industry.
3. Soramitsu has prior experience in CBDC development, including projects in Papua New Guinea and the Solomon Islands.
4. Pakistan has been exploring digital currency since 2019 and has engaged with El Salvador to learn from its Bitcoin adoption experience.
5. The country is also allocating resources to crypto mining and AI data infrastructure.
Description
Soramitsu, a Japan-based blockchain developer, will help the government of Pakistan build its central bank digital currency effort, after having been involved in similar projects. The Pakistan CBDC pilot is being implemented with offline payment capabilities in mind. Japan-Based Soramitsu Enlisted to Create Pakistan CBDC More countries are developing their central bank digital currencies (CBDCs),
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