Pakistan Moves Toward a Digital Rupee with CBDC Reforms
The Pakistani government has proposed amendments to the State Bank of Pakistan (SBP) Act to enable central bank digital currencies (CBDCs) as legal tender, allowing the SBP to issue, regulate, and manage digital currency alongside traditional banknotes.
These changes classify digital currency as legally equivalent to physical currency. To prevent unauthorized digital currency issuance, the amendments impose fines equal to twice the value of any illegal issuance. Additionally, the proposal lifts restrictions on dual nationals holding senior SBP roles, updates governance protocols, and grants the board enhanced authority over key financial decisions.
Clever Robot News Desk 6th November 2024
