Pakistan proposes new crypto framework to central bank rules
The State Bank of Pakistan has proposed a legal framework to recognize digital assets, including cryptocurrency, as official forms of currency.
If approved, the plan would allow the SBP to issue a digital currency, potentially leading to a central bank digital currency for Pakistan.
The SBP proposed amendments to the State Bank of Pakistan Act, signaling a shift in the country’s approach to digital currencies, according to the Tribune. The proposal would make it legal for digital currencies, like Bitcoin (BTC), to be used as legal tender — a considerable change from the SBP’s prior warnings against virtual currencies.
In Pakistan, legal tender status means a currency is accepted for payment of goods,…
