By Prime Minister Shehbaz Sharif has announced that the Pakistani government is actively consulting on the regulation of digital currencies. This initiative was discussed during a recent Economic Advisory Council (EAC) meeting, where the Prime Minister emphasized the importance of evaluating the potential benefits and challenges associated with digital currencies. The Prime Minister highlighted that as the global financial landscape increasingly embraces digital currencies, it is imperative for Pakistan to assess their implications thoroughly.
He stated, “Consultations are underway regarding the regulation of digital currencies,” underscoring the government’s proactive approach in this domain. In line with this, the federal government has proposed amendments to the State Bank of Pakistan (SBP) Act. These amendments aim to grant the SBP authority to issue and regulate digital currencies, positioning Pakistan to manage both physical and digital forms of currency.
The proposed changes also include establishing a dedicated subsidiary within the SBP to develop and operate digital payment systems, reflecting a significant policy shift towards embracing financial innovation. During the EAC meeting, members expressed confidence in the government’s economic policies and provided recommendations to stimulate economic growth. Prime Minister Sharif welcomed these suggestions and directed relevant authorities to collaborate with council members to formulate a comprehensive action plan.
He emphasized that economic stability results from collective efforts and reiterated the government’s commitment to sustainable economic development. The government’s broader economic strategy includes enhancing the competitiveness of local industries in international markets, focusing on sectors such as industry, agriculture, and information technology. Initiatives are underway to establish green data centers and improve telecommunication services, particularly in remote areas, to boost IT exports and support freelancers.
The regulation of digital currencies is viewed as a complementary step in this comprehensive plan to modernize Pakistan’s economy and integrate it with global financial systems. These developments indicate a strategic move by Pakistan to align with global financial trends, ensuring the country’s economic policies are adaptive and forward-looking in the rapidly evolving digital economy.
