Pakistan Moves to Legalize Cryptocurrencies

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The government of Pakistan has recently put forth proposals to amend the State Bank of Pakistan (SBP) Act, which could potentially result in the legalization of digital currencies such as Bitcoin and Ethereum within the country and the implementation of regulations for a national digital currency system.

Based on a local news outlet, the country’s Finance Ministry, in collaboration with the Ministry of Law, has submitted a package of approximately twelve proposed amendments to the federal cabinet, introducing the concept of digital currency into the nation’s regulatory framework for the first time.

The overall package, which is presently being reviewed by the cabinet, would authorize the SBP to oversee the issuance and management of both physical and digital forms of Pakistan’s currency, expanding the central bank’s scope of responsibilities and potentially allowing for the creation of a CBDC (central bank digital currency).