Pakistan is preparing to launch its own stablecoin as part of a broader push to embrace digital financial innovation, Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), announced on Thursday.
Speaking at Binance Blockchain Week in Dubai, Saqib confirmed that the country is experimenting with both a stablecoin and a Central Bank Digital Currency (CBDC), while emphasizing that the stablecoin initiative will definitely move forward. He described stablecoins as cryptocurrencies pegged to assets like fiat currencies or gold, designed to maintain price stability.
Stablecoin to Support Government Debt and Digital Growth
Saqib highlighted the potential of the stablecoin to collateralize government debt, positioning Pakistan to become a frontrunner in global digital finance. “Why should we be at the tail end of it when we have the muscle and the adoption?” he remarked, reflecting the country’s ambition to lead in the emerging digital financial sector.
The Pakistan Crypto Council noted that Saqib participated in a high-level panel on virtual assets and emerging-market regulation. According to the council, he stressed that clear, innovation-friendly crypto regulations are essential for economic growth and that Pakistan’s efforts in stablecoins, data frameworks, and financial inclusion could serve as global case studies.
Pakistan’s Growing Crypto Market
Pakistan’s crypto ecosystem is among the most active in frontier markets, with over 40 million users and an estimated annual trading volume exceeding $300 billion. Earlier this year, Saqib unveiled the nation’s first government-led Strategic Bitcoin Reserve, establishing a sovereign holding that signals long-term commitment to blockchain finance. The reserve is not intended for speculation or trading, and the national Bitcoin wallet already holds assets under state custody.
Saqib also highlighted Pakistan’s tech-savvy youth and the nation’s push toward decentralised finance as key drivers for positioning the country as a forward-looking digital hub on the global stage.
