Bitcoin

Read

Pakistan moves to legalize crypto as the government proposes amendments to the SBP Act, signaling a shift in its financial policy.
According to a <a href="https://tribune.com.pk/story/2507061/govt-proposes-changes-to-sbp-act" target="_blank" rel="noopener noreferrer nofollow">report</a> 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.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/pakistan-mulls-cbdc-for-women-amid-concerns-of-financial-abuse/"> Pakistan mulls CBDC for women amid concerns of financial abuse </a>
Historically, Pakistan’s central bank has categorized cryptocurrencies like Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) as illegal tender, issuing warnings about the associated risks. The central bank specifically highlighted the lack of legal protections for financial losses resulting from the high volatility of cryptocurrencies.
The proposed amendments introduce penalties for the unauthorized issuance of digital currencies, imposing fines equal to twice the value of any illegal currency created, per the report.
While no specific timeline has been announced for federal cabinet approval of the amendments, these changes could shift the narrative toward regulatory oversight and the integration of digital currencies into Pakistan’s financial framework. The amendments would also expand the SBP board’s authority, enabling it to approve a wider range of financial reports and enhance governance processes.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/imf-pakistan-crypto-tax/"> IMF requires Pakistan to impose crypto tax for $3b bailout </a>

Pakistan moves to legalize crypto as government signals shift in financial policy

crypto.news

Other articles published on Nov 4, 2024

Shiba Inu’s Marketing Lead Shares Crypto Insights Before Elections

Maplestory Universe Announces Second Pioneer Test Date With Exclusive Events And In-game Rewards

UBS Asset Management Launches Blockchain-Backed uMINT Fund for Institutional Investors

How Each Bitcoin Halving Drives Price Gains and Investor Confidence

Crypto Platform Breached: Ethereum and Solana Wallets Drained

Crypto Funding Declines: $786M Raised in Last 30 Days- Data

Join our free newsletter for daily crypto updates!