Another dual-national deputy governor, Dr Saeed Ahmad, has previously served as an adviser to the International Monetary Fund (IMF).
Pakistan considering legalising Bitcoin, cryptocurrencies. The federal government of Pakistan has proposed a raft of amendments to the State Bank of Pakistan (SBP) Act to allow dual nationals to serve as the bank’s governor, deputy governor and other key positions besides legalising cryptocurrencies and digital currencies such as Bitcoin.
According to sources, the Ministry of Finance has suggested nearly a dozen amendments to the SBP Act, which have been reviewed by the Ministry of Law.
A summary has been forwarded to the federal cabinet for approval, marking what could be a significant shift in government policy.
Among the proposed amendments is a revision to Section 13 of the SBP Act, which currently disqualifies dual nationals from holding the roles of governor, deputy governor, or non-executive board director. The amendment seeks to remove the restriction on dual nationality, potentially opening the door for such candidates to assume these high-ranking positions.
Sources said that Dr Inayat Hussain, a dual-national deputy governor at the central bank, is approaching the end of his term on November 8. There was no restriction on dual nationality at the time of his appointment, and due to his qualifications and experience, the government is reportedly keen on extending his tenure by five years.
Another dual-national deputy governor, Dr Saeed Ahmad, has previously served as an adviser to the International Monetary Fund (IMF).
In a move expected to further modernize the central bank’s operations, the proposed amendments also introduce the concept of digital currency, according to a report in The Expree Tribune..
Previously, the SBP has resisted calls for a digital currency and issued warnings against its use. The amendments add a new definition of digital currency under Section 24, stating that digital forms of currency issued by the bank will be recognized as legal tender under Section 25.
Under these sections, physical currency notes issued by the SBP currently hold the status of legal tender. If passed, the SBP would establish a new subsidiary to manage digital payments infrastructure. Additionally, the amendments aim to strengthen the central bank board’s authority over financial reporting approvals.
