Yigit Taha OZTURK 
The State Bank of Pakistan (SBP) announced a comprehensive regulatory package for cryptocurrencies and digital assets on November 4. With this package, the SBP aims to bring cryptocurrencies into a legal framework. The new regulations will allow cryptocurrencies to be used as a legal tender throughout the country. SBP Governor Jameel Ahmad met with the Monetary Policy Committee (MPC) to take steps for digital assets to play a safer role in the economy.
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The Monetary Policy Committee proposes regulations that support state banks in issuing digital currency. If the changes in the draft are accepted, Pakistan will be introduced to a central bank digital currency (CBDC). The government plans to name this digital currency “digital rupee” and contribute to the growth of the digital economy.
The SBP aims to promote the development of digital payment services. With this initiative, state banks will securely conduct blockchain-based transactions. Buying, selling, and trading cryptocurrencies will become more accessible through digital payment channels. The SBP‘s proposed draft includes penalties for institutions that issue digital currencies without approval.
These new regulations will mark a significant turning point in Pakistan‘s journey toward a digital economy. The SBP seeks to ensure the safe, regulated, and controlled use of digital assets. With these steps, Pakistan plans to accelerate digitization in the financial sector and enhance its competitiveness in the global market.
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