Government Proposes Amendments to Legalize Crypto
In a significant shift in financial policy, the Pakistani government has proposed amendments to the SBP Act, aiming to legalize cryptocurrency in the country. 📈
Key Highlights:
- The amendments would allow the State Bank of Pakistan (SBP) to issue digital currency and manage both physical and digital currencies. 💰
- The SBP would be granted power to conduct "central bank digital currency" business, with CBDCs operating as legal tender. 📊
- A subsidiary would be established to develop and operate digital payment systems. 📈
A Shift from Caution to Regulation
Historically, Pakistan's central bank has been cautious about cryptocurrencies, warning about associated risks. 🚨 However, the proposed amendments signal a shift towards regulatory oversight and integration of digital currencies into the financial framework. 🔄
Penalties for Unauthorized Issuance
The amendments introduce penalties for unauthorized issuance of digital currencies, including fines equal to twice the value of any illegal currency created. 🚫
No Timeline Announced
While no specific timeline has been announced for federal cabinet approval, these changes could mark a significant turning point for Pakistan's financial landscape. 🌐
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