Pakistan prepares amendments to launch CBDC and legalize cryptocurrencies
Pakistan prepares amendments to launch CBDC and legalize cryptocurrencies
The Ministry of Finance of Pakistan has submitted amendments to the State Bank Act for government review. If approved, these amendments would pave the way for Pakistan to create its own central bank digital currency (CBDC) and legalize existing cryptocurrencies.
Among more than a dozen amendments is a provision allowing dual citizens to hold positions as governors, deputies, and non-executive directors on the board of the State Bank of Pakistan (SBP).
For the first time, legal provisions for an SBP digital currency are being proposed. Additionally, the regulator is prepared to launch a subsidiary focused on innovation and managing digital payment systems to improve financial accessibility for citizens.
The amendments also include penalties for unauthorized digital currency issuance, aimed at more effective regulation of this sector, marking a shift from SBP's historically conservative stance on digital currencies.
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