Pakistan will ‘definitely launch’ sovereign stablecoin, crypto czar says

Published
0
Pakistan Virtual Assets Regulatory Authority Chairman Bilal Bin Saqib speaks at a panel discussion in Dubai on December 5. — X/@cryptocouncilpk
Pakistan Virtual Assets Regulatory Authority Chairman Bilal Bin Saqib speaks at a panel discussion in Dubai on December 5. — X/@cryptocouncilpk

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.

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Restructuring plans
Updated 29 Oct, 2026

Restructuring plans

The primary reason for governance failure in Pakistan is not the geographical size of the existing provinces but the reluctance of provincial capitals to empower local bodies.
Polluted priorities
29 Oct, 2026

Polluted priorities

LAHORE is choking again, and the government’s answer is to send more machines onto its streets. On Wednesday, its...
Continuing genocide
29 Oct, 2026

Continuing genocide

FOR the people of Gaza, despite the ‘ceasefire’ reached last October, the genocide never really ceased. This ...
Regional security
Updated 28 Oct, 2026

Regional security

Iran and the Makkah pact states should pledge not to let external actors use their soil to launch aggression against each other.
Rate hike
28 Oct, 2026

Rate hike

THE SBP’s decision to raise its policy rate by 50 basis points to 12pc was largely expected. It is also justified...
Press solidarity
28 Oct, 2026

Press solidarity

PAKISTAN’S journalists have seldom lacked organisations speaking in defence of press freedom. What has been ...