It’s indeed a significant development that Pakistan is moving toward crypto legalization. The proposed amendments to the State Bank of Pakistan (SBP) Act aim to empower the SBP to issue and regulate digital currency. Here’s a breakdown of what’s been announced so far:

1. CBDC Introduction: The SBP could potentially issue a Central Bank Digital Currency (CBDC), adding a government-backed digital asset to the financial landscape.

2. Regulatory Framework: A new framework will oversee digital and physical assets, allowing for stricter regulation and monitoring, which could enhance trust and attract more participants.

3. Cautious Approach: Despite this progressive move, the SBP remains cautious with popular cryptocurrencies like Bitcoin due to concerns over volatility.

4. Penalties for Violations: To maintain a controlled environment, the amendments propose penalties for unauthorized currency creation, indicating that the SBP will exercise strict oversight.

This step forward could transform Pakistan’s financial system and potentially create new investment opportunities while maintaining safeguards for users and the economy.

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