Pakistan on Verge of Cryptocurrency Legalization
In a groundbreaking move, Pakistan's government has proposed amendments to the State Bank of Pakistan (SBP) Act, potentially legalizing digital currencies like Bitcoin [source]. This significant shift from the SBP's traditionally cautious stance could establish Pakistan as a crypto-friendly nation.
Key Implications of the Proposed Amendments:
• Regulatory Clarity: Long-awaited clarity for Pakistan's crypto community, enabling investment, innovation, and job creation in the fintech sector.
• Talent Pool Expansion: Dual nationals can serve in SBP's leadership roles, retaining key figures like Deputy Governor Dr. Inayat Husain.
• Digital Currency Regulation: SBP would have authority over digital currency issuance, regulating both digital and physical currency.
Current Financial Landscape:
Pakistan's financial inclusion strategy aims to increase access to financial services for its citizens ¹. However, insurance coverage remains low, with only 7% of adults having formal pension plans ¹. The country's economy has faced challenges, with the SBP maintaining a policy rate of 22% to combat inflation [5).
What's Next?
The proposal awaits cabinet and parliamentary approval. If passed, this could revolutionize Pakistan's financial landscape, promoting financial inclusion and economic growth.
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