🚨 BREAKING: #Pakistan Proposes Major Changes to #SBP Act for Crypto and Leadership Eligibility

🔶 Amendments to the SBP Act

The Government of Pakistan has introduced proposed changes to the State Bank of Pakistan (SBP) Act that would allow dual nationals to hold positions as governor or deputy governor and could pave the way for Bitcoin and other digital currencies to be recognized as legal tender.

🔶 Dual National Eligibility for Top SBP Positions

If approved, these amendments would allow dual nationals to serve as the central bank's governor or deputy governor, expanding the pool of candidates for these key roles. This move is intended to bring in a broader range of expertise to the SBP.

🔶 Legalization of Digital Currencies

A groundbreaking provision would legalize digital currencies, including #Bitcoin , potentially recognizing them as legal tender in Pakistan. This would mark a major policy shift, positioning Pakistan as a more progressive player in the global financial landscape.

🔶 Approval Process and Next Steps

The amendments have been vetted by the Ministry of Law and will soon be presented to the federal cabinet. Upon cabinet approval, they will proceed to Parliament for final endorsement.

Implications

If passed, these changes could attract foreign investment, foster innovation, and potentially open new economic opportunities within Pakistan’s financial sector. This marks a significant step toward a modernized and inclusive approach to financial regulation in Pakistan.