The governor of the State Bank of Pakistan, Reza Baqir, has indicated that the institution is carefully studying the possibilities opened by central bank digital currencies. In an interview with CNN reporter Julia Chatterley on Thursday, Baqir noted that countries, such as China, are “already showing the way” when it comes to CBDC issuance, further outlining the motivations behind the central bank’s interest in CBDCs: “The benefit for us is twofold: Not only does [potential CBDC issuance] give another boost to our efforts for financial inclusion but, second, if the central bank issues a digital currency, it allows us to …

The Pakistani province of Khyber Pakhtunkhwa, or KP, has formed a federal committee to create a new cryptocurrency policy including government-backed crypto mining. As part of the new policy, the KP Crypto Advisory Committee has already decided to pilot two hydroelectric-powered crypto mining farms, a minister overseeing the policy told Reuters. The committee held its first meeting on March 17, Zia Ullah Bangash, advisor to the provincial government on science and technology announced on Twitter. “The KP Government on the directions and guidance of chief minister Mahmood Khan is taking serious steps regarding cryptocurrency and mining. We’re consulting with all …

It is especially important for countries to become more aware of cryptocurrencies, especially with components like decentralized finance rising in prominence. Now that the Middle East is becoming more mining-friendly, the future suddenly looks bright once again for this region. Pakistani administration legalizes crypto mining The Pakistani government appears to be moving quickly toward a pro-crypto stance. Following a commitment to integrate Bitcoin (BTC) into its financial system last December, the country is taking steps to legalize mining. Sumera Shams, a member of the provincial assembly in Khyber Pakhtunkhwa, announced on Twitter that the body had voted to pass a …

The assembly of Khyber Pakhtunkhwa, a province in northwestern Pakistan, has become the first legislative assembly to call for changes in the country’s stance toward cryptocurrencies. As previously reported, Pakistan has, to date, been relatively slow to introduce new frameworks for digital assets and cryptocurrencies. This week’s resolution to the Khyber Pakhtunkhwa Assembly was reportedly introduced on Dec. 2 by Sumera Shams, a member of the provincial assembly and the centrist political party, Pakistan Tehreek-e-Insaf, or PTI. Fellow PTI member Zia Ullah Bangash, who is also Advisor to the Chief Minister of Khyber Pakhtunkhwa on Science and Technology and Information …

Pakistan’s government is working on a framework for regulating cryptocurrencies like Bitcoin (BTC). The Securities and Exchange Commission of Pakistan, or SECP, has published a consultation paper on regulating digital assets. Issued on Nov. 6, the paper outlines major concepts for the growing digital finance market in Pakistan and examines the existing regulatory frameworks developed by other global jurisdictions. In the document, the SECP emphasizes that digital assets are the “start of a new era of digital finance.” According to the regulator, the new era of digital finance “could only be possible by initiation of a new era that re-invents …

Cryptocurrency and blockchain technology continues to be a global phenomenon, with adoption and utilization cases emerging in almost every corner of the globe. Digital technology has become so popular that it is now a major talking point not only in the financial sector but also in politics and governance. The seven “-stan” countries of Central and South Asia — Pakistan, Kazakhstan, Afghanistan, Kyrgyzstan, Uzbekistan, Tajikistan and Turkmenistan — haven’t shied away from the sweeping digital technology phenomenon. Whether it be revitalizing Afghanistan’s healthcare sector with blockchain adoption or introducing a waiver for crypto mining in Kazakhstan, digital technology utilization appears …

The prime minister of Pakistan has conducted a meeting dedicated to the digitization of government administration, local Egnlish language news outlet The News reported on April 17. At the meeting, Pakistani Prime Minister Imran Khan reportedly addressed such issues as digitization of government processes and blockchain technology’s impact on ensuring efficiency and transparency in its operations. Khan also highlighted the potential to eliminate bureaucracy and improve general service delivery in accordance with the government's vision. The discussion also touched on a next generation trading platform for the country that would purportedly facilitate trade efficiency with Pakistan’s trade partners. Khan stated: …

Almost a year after a blanket ban on cryptocurrencies, Pakistan has come a long way in its attitude toward the space. A recent notice by the State Bank of Pakistan (SBP) declared that institutions willing to work in the sphere of “electronic money” can now get licenced by the SBP to “issue e-money for the purpose of digital payments.” As reported by a Pakistani news association, The Express Tribune, the government hosted a meeting at the Islamabad office of the State Bank of Pakistan on April 1 for the discussion and formation of crypto regulations, termed Electronic Money Institutions (EMI) …

Top Stories This Week PayPal Invests in Digital Identity-Focused Blockchain Startup in Apparent First Global online payments firm PayPal has invested in startup Cambridge Blockchain, a firm that focuses on leveraging the tech in order to give users more control over their digital identities. The investment, whose amount is undisclosed, is part of an extension to a Series A funding round that had raised an initial $7 million in May 2018. The United States Securities and Exchange Commission (SEC) has stated that Cambridge Blockchain raised a total of $3.5 million in new equity since May 2018. Cambridge Blockchain has notably …

Jameel Ahmad, the deputy governor of the State Bank of Pakistan (SBP), the nation’s central bank, declared that the institution aims to issue a digital currency by 2025, Pakistani YouTube news channel Public News reported on April 1. English-language local media Dawn also reported today that Asad Umar, Pakistan’s finance minister, prompted the official’s statement during a ceremony celebrating the launch of Electronic Money Institutions (EMIs) on Monday, April 1. According to Dawn, the minister asked the federal investigation agency and the central bank to ensure that the new system will feature cybersecurity. Umar purportedly claimed that a single high …

Pakistan is implementing new cryptocurrency regulations in an effort to improve its track record fighting financial crime, English-language Pakistani news outlet The Express Tribune reported on April 1. Pakistan, which is seeking to reduce perceived levels of crime such as money laundering and terrorist financing, will now introduce a licensing scheme for electronic money institutions. According to Pakistani news outlet Dunya News, cryptocurrency trading has been banned in the country since April last year. “These regulations will help combating money laundering and terrorism financing while it will also help regulation of digital currency throughout the country,” The Express Tribune quoted …