Minister of State for Crypto, Blockchain and CEO of the Pakistan Crypto Council Bilal Bin Saqib. Photo: X
Pakistan is poised to enter the global digital finance arena with the launch of its first stablecoin, a move aimed at integrating virtual assets into the national economy, Bilal bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), announced on Friday.
Speaking at Binance Blockchain Week, Saqib confirmed that the country will "definitely launch" a stablecoin, while also developing 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?"
He made the remarks during a panel discussion on the future of virtual assets and emerging-market regulation, hosted by the Pakistan Crypto Council (PCC).
The council noted on its social media that Saqib "emphasised that for countries like Pakistan, clear and innovation-friendly crypto regulation is a key driver of economic growth".
The post added that Pakistan's work on stablecoins, data frameworks and efforts to bank the unbanked could become valuable case studies for other nations.
The PVARA is an autonomous federal authority and operates under a multi-stakeholder board that includes the State Bank of Pakistan governor, the Securities and Exchange Commission chairman and the Federal Board of Revenue chairman.
Its mandate includes curbing illicit finance, protecting consumers, and unlocking opportunities in fintech, remittances and tokenised assets, while fostering Shariah-compliant innovation through regulatory sandboxes.
Earlier in 2025, Saqib unveiled Pakistan's first government-led Strategic Bitcoin Reserve during a keynote at Bitcoin Vegas, attended by prominent figures including US Vice President JD Vance, Eric Trump and Donald Trump Jr.
In May, the government also 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.
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