On November 4, the State Bank of Pakistan (SBP) proposed significant policy amendments to legalize digital assets, including cryptocurrencies, as legal tender nationwide. In a meeting led by SBP governor Jameel Ahmad, the Monetary Policy Committee (MPC) discussed the potential for state banks to issue digital currencies and penalize unauthorized digital currency issuers. These changes, pending government approval, could facilitate the introduction of a central bank digital currency (CBDC), likely a digital rupee. The MPC previously hinted at a stricter anti-crypto policy under former finance minister Aisha Ghaus Pasha but shifted stance following the appointment of Muhammad Aurangzeb in March 2024. On the same day, the MPC also announced a 2.5% interest rate cut, projecting optimistic GDP growth for FY25, which may positively impact the cryptocurrency market in Pakistan if the proposed amendments pass.

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