Pakistan Moves Toward Legalizing Cryptocurrency!
In a major policy shift, Pakistan is taking steps to embrace digital currencies as part of its financial system. Proposed amendments to the State Bank of Pakistan (SBP) Act will give the central bank the authority to issue digital currency, regulate both physical and digital financial assets, and exercise custody over them. This move shows Pakistan’s recognition of the potential of digital currencies and its commitment to developing a modern, digital financial infrastructure.
Key Highlights:
CBDC Introduction: The SBP may soon conduct central bank digital currency (CBDC) transactions, potentially making this digital currency legal tender.
Regulatory Framework: The SBP will establish a subsidiary to oversee digital payment systems, aiming to enhance financial infrastructure for a digital economy.
Cautious Approach: While embracing digital currency, the SBP remains cautious. Bitcoin and similar cryptocurrencies are still viewed as volatile and risky.
Strict Penalties for Violations: Under the new proposal, severe penalties will apply for unauthorized currency creation, indicating strong control over digital finance.
These amendments are expected to bring new opportunities while ensuring Pakistan’s digital financial sector remains secure and regulated. Stay tuned as Pakistan heads toward a digital finance revolution!
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