South Asia Investor Review

Islamabad is establishing the Pakistan Crypto Council (PCC) to look into regulating and legalizing the use of cryptocurrencies, according to media reports. Cryptocurrency refers to digital currencies that can be used to make purchases or investments using encryption algorithms. US President Donald Trump's endorsement of cryptocurrencies and creation of a " bitcoin reserve " has boosted investors’ confidence in it.   The State Bank of Pakistan, the nation's central bank, has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of  digital currencies , coins, and tokens. But the country has not officially banned the use of cryptocurrencies either, allowing about 20 million users to engage in crypto transactions. “We are coming on number three and four globally and there are many blockchain technology opportunities in Pakistan", said Bilal Saqib, the chair of the PCC.   Top Countries Ranked By Global Crypto ...

A top official of the State Bank of Pakistan, the nation's central bank, announced that the institution aims to issue a digital currency (Central Bank Digital Currency or CBDC) by 2025, according to media reports.   Speaking at the launch of regulations of Electronic Money Institutions (EMIs), central bank officials said that EMIs will be non-bank entities to be licensed by the central bank to issue e-money for the purpose of digital payments.  Pakistan's finance minister Asad Umar and the central bankers said they are targeting Pakistan's economy to go fully digital by 2030. “As we move towards digital economy, it is absolutely important to ensure cybersecurity,” said the finance minister, according to Dawn newspaper .  Mr. Umar added that even a single high profile incident could cause irreparable loss of confidence to the economy and the banking system. Deputy Governor Jameel Ahmad of the State Bank of Pakistan told the audience at the EMI launch that the c...