SBP decides to allow trade of cryptocurrencies, Senate body told

ISLAMABAD: The State Bank of Pakistan (SBP) has decided to end its ban on the buying and selling of cryptocurrencies.

This was disclosed by the SBP deputy governor during the meeting of the Senate Standing Committee on Finance. The SBP deputy governor said that the central bank has also begun working to introduce a pilot phase of ‘Digital Pak Rupee’.

During the meeting, the committee also approved key clauses of the Virtual Asset Authority Bill, which will legalise and regulate cryptocurrency trading in the country once the rules are finalised.

The Senate Standing Committee on Finance approved several clauses of the Virtual Asset Authority Bill, paving the way for the regulation of cryptocurrency trading in Pakistan.

The SBP deputy governor clarified that trading in cryptocurrencies will become legal once the relevant rules and regulations are established.  The Deputy Governor also stated that the digital rupee will be used for crypto trading in the future.

Digital Pak Rupee

The SBP deputy governor said that the central bank has also initiated work on its pilot project for the ‘Digital Pak Rupee’ aimed at introducing a digital version of the national currency.

Senator Saleem Mandviwala said that the ‘Digital Pak Rupee’ rate would equal to the regular rupee. Senator Saleem Mandviwala noted that existing cash in banks will eventually be converted into the digital version of the Pakistani rupee.