фото показано с : invezz.com

According to a recent The Express Tribune report, Pakistan is set to reshape its financial landscape by proposing amendments that would empower the State Bank of Pakistan (SBP) to issue digital currency and manage both physical and digital forms of money.

The central bank’s move to potentially integrate central bank digital currencies (CBDCs) as legal tender reflects a significant shift in its stance toward digital finance.

Historically, the SBP has viewed cryptocurrencies with scepticism, categorising them as illegal tender due to their high volatility and lack of protections.

These amendments, awaiting federal cabinet approval, signal Pakistan’s readiness to embrace digital finance under stringent regulatory oversight.

The proposed amendments would allow the SBP to create and issue digital currency, adding a state-controlled alternative to the private cryptocurrencies deemed illegal within Pakistan.

This digital currency would co-exist with traditional physical currency, forming a hybrid system to serve the country’s growing digital economy.

The SBP aims to establish a subsidiary dedicated to developing digital payment systems, underscoring its commitment to a structured digital finance ecosystem.

To reinforce regulatory control, the proposed amendments include penalties for any unauthorised issuance of digital currencies.

Offenders would face fines amounting to double the illegal currency’s value, establishing a deterrent against unregulated digital financial activity.

This approach would curb potential financial misconduct, aligning with Pakistan’s cautious stance on digital finance while enabling secure channels for innovation in digital payments.

The SBP had categorised cryptocurrencies, such as Bitcoin (BTC), as illegal tender, citing risks associated with their high volatility and absence of legal safeguards.

Pakistan’s new framework positions CBDCs as distinct from private cryptocurrencies, allowing a regulated form of digital currency that could reduce risks while enabling digital transactions.

This development is seen as a regulatory approach that could streamline and monitor digital transactions within the country’s financial system.

The proposed amendments would also expand the SBP board’s authority, enabling it to approve an increased range of financial reports and strengthen governance processes.

This regulatory change would grant the SBP more oversight, aligning with its role in overseeing both physical and digital currency forms.

By broadening its mandate, the SBP could establish a more resilient regulatory structure, enhancing the country’s overall financial stability.

While no specific timeline for cabinet approval has been announced, the proposed amendments reflect Pakistan’s proactive steps toward integrating digital currencies within its financial framework.

If approved, these changes could provide the legal and structural foundation for Pakistan’s digital currency ambitions, positioning the SBP as a key player in digital finance.

The post Pakistan moves to legalize crypto with proposed amendments to SBP Act appeared first on Invezz

Similar to Notcoin - Blum - Airdrops In 2024

origin »

91 +