The government of Pakistan is proposing to legalize a central bank digital currency (CBDC) as legal tender.
Pakistan’s Ministry of Finance submitted several amendments to the State Bank of Pakistan (SBP) Act. In particular, these proposals introduce the concept of digital currency into the legislation and empower the SBP to issue and use digital currency as legal tender. The Express Tribune cited government sources.
The proposed amendments also regulate the issuance of digital assets, effectively granting the central bank a monopoly over this activity. To develop and operate digital payment systems, the SBP plans to establish a subsidiary.
Before coming into force, the amendments to the law will be reviewed by the federal cabinet and then by the country’s parliament.
Earlier, the SBP representatives published public recommendations regarding cryptocurrencies like Bitcoin and Litecoin, clearly stating that cryptocurrencies aren’t recognized as legal tender in Pakistan. The central bank expressed concerns about the anonymity of cryptocurrencies and warned of the potential risks associated with their use.
Despite warnings from local financial regulators, Pakistan ranked ninth in Chainalysis’ Global Crypto Adoption Index for 2024.
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