Pakistan moves to legalize crypto as government signals shift in financial policy
Pakistan moves to legalize crypto as the government proposes amendments to the SBP Act, signaling a shift in its financial policy.
According to a report by The Express Tribune, the amendments would allow the SBP to issue digital currency and manage the country’s money in both physical and digital forms.
The amendments also include the proposal to grant the SBP power to conduct “central bank digital currency” business, adding that CBDCs could operate as a legal tender. Moreover, the SBP plans to establish a subsidiary to develop and operate digital payment systems, the report reads.
Historically, Pakistan’s central bank has categorized cryptocurrencies like Bitcoin (BTC) as illegal tender, issuing…
