Pakistan joined this list by announcing new regulations to ensure the launch of an in-house CBDC by 2025.
The State Bank of Pakistan signed in new laws for Electronic Money Institutions non-bank entities offering digital payment instruments to ensure the timely issuance of a CBDC in the next three years. The World Bank helped Pakistan design the new regulations, according to local media Arab News.
In addition to timeline adherence for the CBDC launch, the regulations warrant preventive measures against money laundering and terror financing while considering consumer protection and reporting requirements.
The commencement of a speedy regulatory environment places Pakistan among the nearly 100 countries that are actively involved in researching and launching CBDC initiatives.
Neighboring country India also recently joined the race to launch a home-grown CBDC. On Nov. 22, The Reserve Bank of India announced an ambitious plan to launch a retail CBDC pilot by the end of 2022.
