Pakistan Begins Trial of National Digital Currency (LCCI)
According to the Lahore Commercial Companies Index (LCCI) the State Bank of Pakistan has begun trials of its central bank digital currency (CBDC), aiming to modernize the country’s financial system and support financial inclusion by enabling digital payments without the need for cash or bank accounts. The CBDC can be accessed via a mobile wallet app, allowing users to make instant payments with QR codes, register using their national identity card, transfer funds through phone numbers, and pay government fees directly. The initiative is designed to offer a secure, transparent, and paperless alternative to cash, enhance regulatory oversight, and reduce fraud risks, aligning Pakistan with other nations advancing their own digital currency pilots. [LCCI]
BTW I have reached out to State Bank of Pakistan staff to confirm the trial, but they seem to be very shy about their central banks’ CBDC efforts, and are not replying to my emails.
Toyota, Yamaha, BYD Accept USDT in Bolivia (CoinTelegraph)
In Bolivia, major dealerships including Toyota, Yamaha, and BYD have begun accepting Tether (USDT) stablecoin payments amid a steep decline in the country’s US dollar reserves and ongoing currency concerns. This shift follows the recent lifting of Bolivia’s ban on crypto use, with businesses and consumers turning to stablecoins for local and international transactions due to the scarcity of dollars and fears over potential boliviano devaluation. The move is supported by crypto services like BitGo and is part of a larger trend toward stablecoin adoption, with some everyday goods now priced in USDT and a “stablecoin circular economy” emerging among importers. [CoinTelegraph]
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I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.