Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    Gen V Season 2 trailer
    Videos

    Gen V Season 2 Trailer Cast, Plot, Premiere Details

    July 26, 2025 3 Min Read
    IShowSpeed Daniel La Belle race
    Videos

    IShowSpeed Beats Daniel La Belle in 40-Meter Race, Hits 41M Subscribers

    June 24, 2025 2 Min Read
    Cardi B new single Outside
    Videos

    Cardi B’s ‘Outside’ Single Sparks Buzz Over Offset and Stefon Diggs

    June 20, 2025 2 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: State Bank of Pakistan Plans Digital Currency with Strict Rules
PhotoNews Pakistan PhotoNews Pakistan
Font ResizerAa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
Pakistan Digital Currency
PhotoNews Pakistan > Business > State Bank of Pakistan Plans Digital Currency with Strict Rules
Business

State Bank of Pakistan Plans Digital Currency with Strict Rules

Web Desk
By Web Desk Published September 4, 2025 2 Min Read
Share
The flag of Pakistan alongside an illustration of Bitcoin. Photo Credit: Linkedin / Qamar H.
SHARE

The State Bank of Pakistan (SBP) announced plans to launch a digital currency for trading digital assets. After the Pakistan Virtual Assets Regulatory Authority (PVARA) Bill is passed, the SBP law will be updated. The digital currency will be equal in value to the Pakistani rupee and will be available in their bank accounts.

SBP’s Acting Deputy Governor Dr. Inayat Hussain told the Senate Finance Committee that the Foreign Exchange Regulation Act (FERA) will apply to digital currency transfers. Individuals will be limited to transferring $100,000 per year.

The committee, led by Senator Saleem Mandviwalla, is reviewing the PVARA Bill. This bill will create rules for digital assets. Earlier, the government issued a PVARA Ordinance. Now it wants a permanent law. However, the Ministry of Law and Justice has warned that the current FERA law may not fully cover digital assets. It needs to be changed.

Legal expert Shehroz Bakhtiyar said that it will be hard to enforce the $100,000 limit because digital transactions are fast and spread out. Senator Afnanullah Khan said Pakistanis have invested more than $21 billion in digital assets. He urged faster laws to regulate trading.

Pakistan and Kyrgyzstan Plan Joint Crypto and Blockchain Strategy

Law Secretary Raja Naeem Akbar said laws like FERA, the Anti-Money Laundering Act, and Financial Action Task Force (FATF) rules will keep a tight watch on digital assets. Foreign companies like Binance must open offices in Pakistan and follow FERA. SBP also blocked attempts to legalize digital money without clear rules, saying it is risky.

In 2018, SBP said cryptocurrencies like Bitcoin and Litecoin are illegal because they don’t have government backing. Banks must report these transactions to the Financial Monitoring Unit (FMU).

PVARA will oversee nine digital services, including exchanges, lending, and asset management. The committee set the chairperson’s age limit at 55 years and requires five years of digital finance experience. It also added one National Assembly member and one senator to the authority. PVARA will work under the finance ministry for better results.

Pakistan’s digital currency plan could help its economy grow. But regulating and enforcing the rules will be challenging. The PVARA Bill is a step to make digital asset trading safer.

TAGGED:Featured
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement

HBL Saving Made Easy
HBL Saving Made Easy

Recent Posts

Kristin Cabot Divorce

Coldplay Kiss Cam: Kristin Cabot’s Husband Was at Concert with New Partner

KSE-100 record high

KSE-100 Hits Record High of 159,280 Amid Rs1.225T Debt Restructuring Deal

FBR income tax return 2025

FBR Clarifies New Asset Value Column in 2025 Income Tax Return Form

Post Archives

More Popular from Photonews

IHC justices SC petition
Pakistan

Five IHC Justices Challenge CJ Dogar’s Order in Supreme Court

2 Min Read
Journalist Imtiaz Mir Karachi shooting
Sindh

Journalist Imtiaz Mir Critically Injured in Karachi Shooting

2 Min Read
Asia Cup 2025 Super Four
Sports

Asia Cup 2025 Super Four, Pakistan’s Qualification Scenarios for Final

3 Min Read
Pakistan

NADRA Introduces New Payment Options for Easy Application Fee Submission

The National Database and Registration Authority (NADRA) introduced flexible payment options for citizens on September 24,…

September 24, 2025
Entertainment

Neelofar: Mahira Khan and Fawad Khan’s Film Hits Theaters Winter 2025

Pakistan’s biggest stars, Mahira Khan and Fawad Khan, have announced that their film "Neelofar" will be…

September 25, 2025
Pakistan

Meta Launches Teen Accounts in Pakistan for Safer Social Media Experience

Meta has begun rolling out its Teen Accounts feature to users in Pakistan on Facebook and…

September 25, 2025
Balochistan

Jaffar Express Attack Mastermind Gul Rahman Killed in Afghanistan

Gul Rahman, alias Ustad Mureed, the mastermind of the Jaffar Express terrorist attack, was killed in…

September 20, 2025
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2024 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?