Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal Bin Saqib announced that Pakistan is set to launch its first “stablecoin” as part of its drive to make virtual assets a part of the economy.

The PVARA is an autonomous federal body governed by a multi-stakeholder board including the governor of the State Bank of Pakistan, the chairman of the Securities and Exchange Commission of Pakistan and the chairman of the Federal Board of Revenue. Its mandate is to curb illicit finance, protect consumers and unlock opportunities in fintech, remittances and tokenised assets, while fostering Shariah-compliant innovation through regulatory sandboxes.

A stablecoin, according to Bloomberg, is a digital token whose value is intrinsically linked to a physical currency, such as the US dollar, making it more stable than other cryptocurrencies like Bitcoin.­

Speaking at Binance Blockchain Week in Dubai, the crypto czar said that Pakistan will “definitely launch” a stablecoin, adding that the country is working on both that and Central Bank Digital Currencies (CBDCs).

“I think it is a great way to collateralise the government debt,” Saqib said. “We want to be at the forefront of this financial digital innovation that is happening. Why should we be at the tail-end of it when we have the muscle and the adoption?”

The Pakistan Crypto Council (PCC) said that Saqib also participated in a panel discussion on the future of virtual assets and emerging-market regulation, according to a post on their X account.

“He emphasised that for countries like Pakistan, clear and innovation-friendly crypto regulation is a key driver of economic growth,” the post read. “Pakistan’s work on stablecoins, data frameworks, and banking the unbanked can become valuable case studies for the world.”

Earlier this year, Saqib unveiled the country’s first government-led Strategic Bitcoin Reserve. He announced the reserve after delivering a keynote address before an elite audience, which included United States Vice President JD Vance, Eric Trump and Donald Trump Jr, at the Bitcoin Vegas 2025 in Las Vegas.

In May, the government announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power Bitcoin mining and artificial intelligence (AI) data centres.