The proposed amendments would allow for sweeping changes to the country’s financial sector.
The State Bank of Pakistan (SBP) announced a package of policy proposals on Nov. 4 that, if accepted, would legalize digital assets such as cryptocurrencies as legal tender throughout the country.
In a meeting chaired by SBP governor Jameel Ahmad, the Monetary Policy Committee (MPC) reportedly submitted amendments to its standing policy that would allow state banks to issue digital currency. The proposed amendments would also impose penalties on digital currency issuers operating without approval.
While the proposals would still require approval at the next stage of government, if they were to pass it could pave the way for both a central bank digital currency (CBDC) — ostensibly a government-issued digital rupee.
