Pakistan Will Legalize Crypto

The changes proposed by Pakistan’s government would allow the State Bank of Pakistan (SBP) to introduce digital currency and manage the country’s money in both physical and digital forms.

Along with this, the amendments suggest granting the SBP authority to conduct central bank digital currency (CBDC) operations and designate them as legal tender.

The SBP also plans to establish a subsidiary dedicated to developing and operating digital payment systems, as per the report.

Previously, the SBP had deemed cryptocurrencies such as Bitcoin illegal, warning about their potential risks.

The central bank specifically pointed out the lack of legal protection for financial losses resulting from the extreme volatility of these digital assets.