ISLAMABAD: Pakistan has confirmed plans to launch a national stablecoin to strengthen its digital financial landscape. Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority, announced the move today.
He outlined the initiative during a session at Binance Blockchain Week in Dubai. He stated that Pakistan is testing both a stablecoin and a Central Bank Digital Currency. He stressed that the stablecoin project will advance without delay.
Stablecoin Seen as Key to Financial Innovation
A stablecoin maintains its value by linking to assets like fiat currency or gold. Industry analysts say this approach helps stabilise cryptocurrency markets. Saqib stated that Pakistan intends to leverage this stability for financial growth.
He added that the stablecoin could help collateralise government debt. He emphasised that Pakistan aims to lead global digital finance efforts. He questioned why Pakistan should lag when it has strong adoption capacity.
Regulatory Clarity Viewed as Critical for Growth
The Pakistan Crypto Council noted Saqib’s remarks during a high-level panel. The panel discussed virtual assets and regulatory challenges in emerging markets. Saqib argued that innovation-friendly rules can drive economic expansion.
He said Pakistan’s work on stablecoins and data frameworks offers global value. He highlighted ongoing efforts to support unbanked populations through digital tools.
Pakistan’s Digital Asset Market Shows Strong Momentum
Pakistan’s crypto market now includes more than 40 million users. Annual trading volume exceeds $300 billion, according to industry estimates. These figures place Pakistan among the most dynamic frontier crypto markets.
In May, Saqib launched Pakistan’s first Strategic Bitcoin Reserve. He presented the move as a major shift in the country’s digital direction.
Pakistan Positions Itself as a Global Digital Hub
Saqib addressed international leaders at an event in Las Vegas. He highlighted Pakistan’s young and tech-driven population. He said this demographic advantage supports the nation’s digital ambitions.
He argued that Pakistan can emerge as a major decentralised finance hub. He reaffirmed the government’s commitment to innovative financial strategies.
