The State Bank of Pakistan proposed to legalize digital currency as legal tender

ChainCatcher news, the State Bank of Pakistan (SBP) announced a policy proposal on November 4 that, if approved, would legalize digital assets (such as cryptocurrencies) nationwide, making them legal tender. The proposal includes allowing the central bank to issue digital currency and imposing fines on unauthorized digital currency issuers. The proposal may also promote the adoption of digital payment services, including cryptocurrency trading.

The policy proposal still requires further government approval, and if passed, could lay the groundwork for the launch of the CBDC digital rupee.

It is reported that the Monetary Policy Committee had previously shown opposition to cryptocurrencies, but since the new SBP Governor Muhammad Aurangzeb took office in March 2024, there has been a shift in policy direction.