DAWN NEWS
"State Bank of Pakistan has made bitcoin transactions legal"
Today's paper | August 11, 2021
(Islamabad): In a remarkable move by the SBP, bitcoin and other virtual currencies/tokens/coins are unbanned. The State Bank has now allowed banks for the “processing, using, trading, holding, transferring value, promoting and investing in virtual currencies/tokens”.
In 2018, Bitcoin and other virtual currencies were banned in Pakistan over concerns of money laundering. Now, however, seeing the global situation, these virtual transactions are allowed. This is primarily aimed at creating reserves of Bitcoin in Pakistan.
Bitcoin is at an all-time high, and likely to increase in the nearby future. Pakistan has dwindling foreign exchange reserves and with the Pakistani rupee in massive inflation, at one point 32%, this will see an increase in federal reserves as a safeguard. Banks are encouraged and required to hold bitcoin reserves for added safeguard measures.
This is one of the ongoing moves by the government to respond to the collapse of the largest trading country in the world.
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