The State Bank of Pakistan (SBP) has proposed amendments to the SBP Act to recognize digital assets, including cryptocurrencies, as legal tender. These changes would empower the SBP to issue and regulate digital currencies, marking a significant shift in Pakistan's financial policy.
The proposed amendments would allow the SBP to manage Pakistan's currency in both physical and digital forms. Additionally, the SBP plans to establish a subsidiary to develop and operate digital payment systems, further modernizing the nation's financial infrastructure.
If approved, these measures could lead to the creation of Pakistan's own central bank digital currency (CBDC). CBDCs are digital counterparts to fiat money, issued by central banks, and can enhance payment efficiency, financial inclusion, and economic modernization.
This initiative reflects a shift from cautious policies to embracing the future of digital finance, potentially positioning Pakistan as a leader in the digital financial revolution.
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