Bilal Bin Saqib, the chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), declared that the country will introduce its first “stablecoin” in an effort to integrate virtual assets into the economy.
The governor of the State Bank of Pakistan, the head of the Securities and Exchange Commission of Pakistan, and the chairman of the Federal Board of Revenue make up the multi-stakeholder board that oversees the PVARA, an independent federal organization. Its mission is to use regulatory sandboxes to promote Shariah-compliant innovation, prevent illicit finance, safeguard consumers, and open up opportunities in fintech, remittances, and tokenized assets.
According to Bloomberg, a stablecoin is a digital token that is more stable than other cryptocurrencies like Bitcoin since its value is inextricably linked to a physical currency, like the US dollar.
The crypto czar stated that Pakistan will “definitely launch” a stablecoin and that the nation is working on Central Bank Digital Currencies (CBDCs) while speaking at Binance Blockchain Week in Dubai.
Saqib stated, “I think it is a great way to collateralize the government debt.” “We want to lead the way in the current financial digital innovation. When we have the adoption and the muscle, why should we be at the end of it?
According to a post on their X account, the Pakistan Crypto Council (PCC) stated that Saqib also took part in a panel debate on the future of virtual assets and emerging-market regulation.
The post stated, “He emphasized that clear and innovation-friendly crypto regulation is a key driver of economic growth for countries like Pakistan.” “The world can learn a lot from Pakistan’s work on stablecoins, data frameworks, and banking the unbanked.”
Saqib established the nation’s first government-run Strategic Bitcoin Reserve earlier this year. He made the reserve announcement after giving a keynote speech at the Bitcoin Vegas 2025 in Las Vegas to a distinguished group of people that included Donald Trump Jr., Eric Trump, and US Vice President JD Vance.
The government announced in May that 2,000 megawatts (MW) of electricity will be allocated as part of a nationwide program to power data centers for artificial intelligence (AI) and Bitcoin mining.
SOURCE: DAWN NEWS
