State Bank of Pakistan Legalizes Cryptocurrency; A Digital Rupee Revolt
INTRODUCTION The State Bank of Pakistan took a revolutionary step towards the digitalization of currency by allowing the use of cryptocurrency under an exclusive acquisition. This decision was made with the introduction of the Virtual Asset Bill 2025, which withdrew the advisory against virtual assets and introduced a Digital Rupee - its version of a Central Bank Digital Currency (CBDC). In a digital policy shift, the State Bank of Pakistan (SBP) has officially moved to legalize cryptocurrency and initiate the launch of a Central Bank Digital Currency (CBDC) — the Digital Rupee. This bold step marks a turning point in Pakistan’s financial history, signaling a move from traditional monetary systems to a digitally regulated financial ecosystem. For years, cryptocurrencies existed in a legal grey area in Pakistan. Now, under the SBP’s new framework, virtual assets will gain recognition, regulation, and integration into the national economy. In this new law, individuals will be able
Cross-Country Payments: How They Work
In an increasingly globalized world, cross-country payments play a crucial role in facilitating trade, investment, and remittances between individuals, businesses, and governments across borders. These payments are essentially financial transactions made from one country to another, involving the transfer of money between parties using different currencies and banking systems. Understanding how these transactions work is essential for anyone engaged in international business, personal remittances, or trade. The Basics of Cross-Country Payments At the core of cross-country payments is the process of converting one currency into another. When an individual or business in one country needs to send money to another country, the currency they hold (e.g., U.S. dollars) must often be exchanged for the currency used in the recipient's country (e.g., euros or yen). This conversion is typically handled by banks, financial institutions, or online payment platforms, which charge fees for currency exchange and the transaction itself. Types of Cross-Country Payments Bank
