Pakistan Proposes Legalizing Crypto, Issuing Digital Rupee under SBP Act

Nov 4, 2024, 08:30 PM

Pakistan is making significant strides in the realm of cryptocurrency by proposing amendments to the State Bank of Pakistan (SBP) Act. These changes aim to legalize digital currencies and pave the way for the issuance of a state-backed digital rupee. The State Bank of Pakistan is actively considering Central Bank Digital Currencies (CBDCs) as a legitimate form of currency, which would allow banks to process blockchain transactions. If these amendments are approved, Pakistan could see a major shift in its financial landscape, potentially making cryptocurrencies legal tender and incorporating decentralized finance (DeFi) into its system.