Islamabad: The federal government recently announced its decision to introduce regulations on the virtual currency used in the country — with the move aimed at meeting the requirements outlined by the Financial Action Task Force (FATF), a news source reported.
According to the details available, the government will be introducing the new regulations to monitor and regulate digital currencies, and the State Bank of Pakistan (SBP) has been directed to prepare the relevant bylaws for the purpose. The government has also issued standard operating procedures to the central bank in this regard.
According to SBP sources, the preparation of the initial draft of the regulations has begun. After it has been prepared, it will be issued to the stakeholders for their recommendations and suggestions. Afterward, it will be forwarded to the federal cabinet for its approval.
The initiative is expected to help the country further curb money-laundering and terror financing.
In addition to these regulations, the government is also going to introduce a number of amendments in other laws to meet FATF requirements.