As one popular singer sang: "I would suck a glass and go to Pakistan" 🤦‍♂️

Pakistan's Ministry of Finance has submitted amendments to the State Bank Act to the government. If approved, these amendments will pave the way for Pakistan to create its own central bank digital currency (CBDC) and legalize existing cryptocurrencies.

Among the more than a dozen amendments is a provision allowing dual nationals to hold the positions of governors, deputy directors and non-executive directors on the board of the State Bank of Pakistan (SBP).

Legal provisions for SBP digital currency proposed for the first time. In addition, the regulator is ready to launch a subsidiary company that will engage in innovation and management of digital payment systems with the aim of increasing financial accessibility for citizens.

The amendments also introduce penalties for the unauthorized issuance of digital currencies, aimed at more effective regulation of the sector, marking a departure from the historically conservative stance of the GBC on digital currencies.