Pakistan has announced its intention to launch its first stablecoin to be used within the country. Announcing the development, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib states that the move is part of its effort to integrate digital assets into Pakistan’s economy.
Stablecoins are digital tokens whose values are always tied to fiat currencies, such as the dollar, making them more stable than the average digital assets like Bitcoin. Bin Saqib made this known at the Binance Blockchain Week in Dubai, highlighting that the country has also been working on the creation of its Central Bank Digital Currencies (CBDCs).
Pakistan Announces Plans to Launch Its First Stablecoin
In his address, Bin Saqib mentioned that Pakistan sees stablecoins as one of the best ways to collateralize government debt. "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 said. PVARA is an autonomous federal body governed by a multi-stakeholder board, including the governor of the State Bank of Pakistan.
Other stakeholders in the agency include the chairman of the Securities and Exchange Commission of Pakistan and the Federal Board of Revenue. The agency was set up to curb illicit financial activities, protect users, and unlock several opportunities lying in fintech, remittances, and tokenized assets, while enforcing shariah-compliant innovation through regulatory sandboxes.
According to a post on X, the Pakistan Crypto Council also noted that Bin Saqib participated in a panel discussion on the future of digital assets and emerging market regulation. “He emphasized 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, Bin Saqib revealed that Pakistan was working on its first government-led Strategic Bitcoin Reserve. He announced the initiative after delivering a keynote address at the Bitcoin Vegas 2025 event in Las Vegas, which had in attendance several high-profile personalities who have shown support for the crypto industry. They included United States Vice President JD Vance, Eric Trump, and Donald Trump Jr.
Government Ramps Up Usage of AI
In May, the Pakistani government also announced the allocation of 2,000 megawatts of electricity in the first phase of a national initiative to power Bitcoin mining and artificial intelligence data. Meanwhile, in another report, Pakistan is set to deploy artificial intelligence to intensify its crackdown on illegal migration using fake documents. The government has also vowed to go after companies in the business of creating fake visas.
In a meeting held between the Interior Minister Mohsin Naqvi and Federal Minister for Overseas Pakistanis Chaudhry Salik Hussain, it was decided to make the protector issuance system better, with reforms to be introduced in the immigration system to facilitate passengers. The ministers asked those in charge to submit their final recommendations concerning the technology and its improvement in the next seven days.
Naqvi added that an AI-based pilot application would be launched in Islamabad from January to curb illegal migration. He noted that the technology will enable authorities to determine in advance those who are eligible to travel and those who are not. Naqvi highlighted that those who attempt to travel using incomplete or fake documents would be barred. He added that there would be zero tolerance for fake visas and agents, noting that those who are deported would not be reissued new ones.