Pakistan’s Stablecoin: The Government’s Latest ‘Innovative’ Move 🤯

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Pakistan announced plans to launch its first government-backed stablecoin as a key step in integrating virtual assets into its national economy. 🦘💸

Regulatory Push

Pakistan plans to launch its first government-backed stablecoin as part of a strategic effort to integrate virtual assets into the national economy, the country’s top regulator announced on Dec. 6. Because nothing says “economic innovation” like a digital token that’s only as stable as a kangaroo on a trampoline. 🤷‍♂️

Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), shared the initiative with delegates at Binance Blockchain Week in Dubai. He confirmed that the stablecoin effort is progressing in parallel with work on central bank digital currencies (CBDCs). Because why have one digital currency when you can have two? 🤯

“It is a great way to collateralize government debt,” Saqib said, emphasizing Pakistan’s ambition. “We want to be at the forefront of financial digital innovation. Why should we be at the tail-end when we have the muscle and adoption?” Because, Mr. Saqib, the tail-end is where the rest of the world is. 🦘

During a panel discussion on emerging-market regulation, Saqib reportedly stressed the necessity of clear, innovation-friendly rules for stimulating economic growth, according to a post on X by the Pakistan Crypto Council. Because nothing says “innovation” like a rulebook written in a language that even the authors can’t read. 🤷‍♀️

The stablecoin announcement follows several major digital asset initiatives by Pakistan this year. In a keynote at Bitcoin Vegas 2025 in Las Vegas, Saqib unveiled the nation’s first Strategic Bitcoin Reserve. Because if you can’t trust your own currency, why not bet on a cryptocurrency that’s more volatile than a teenage mood? 🧠💸

Earlier this year, Islamabad also allocated 2,000 megawatts of electricity in the first phase of a national plan to power Bitcoin mining and artificial intelligence data centers. Because nothing says “green energy” like powering data centers with fossil fuels. 🌍⚡

Commitment to a Forward-Looking Framework

Meanwhile, the Pakistan Finance Ministry confirmed in a post on X that Finance Minister Muhammad Aurangzeb co-chaired a high-level consultative meeting on the country’s National Digital Asset Framework. Because what could possibly go wrong with a framework that’s still in the “conceptual” stage? 🤯

At the meeting, Minister Aurangzeb reaffirmed Pakistan’s commitment to a forward-looking regulatory environment that both protects national interests and enables technological progress. Because, obviously, protecting national interests is the same as enabling technological progress. 🤷‍♂️

Participants also received updates on a developing, structured licensing regime for virtual asset service providers (VASPs). This regime aims to meet global standards, ensure user protection, and encourage broad institutional participation in the virtual asset sector. Because nothing says “user protection” like a regime that’s still being written. 🧠

FAQ 💡

  • What did Pakistan announce on December 6? Pakistan confirmed plans to launch its first government-backed stablecoin. Because why have a real currency when you can have a digital one that’s just as reliable as a promise made by a politician. 🤝
  • Who is leading the initiative? Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), is spearheading the effort. Because someone has to keep the chaos in check-preferably not the government. 🤯
  • How does this fit into Pakistan’s digital asset strategy? The stablecoin complements work on CBDCs, a Strategic Bitcoin Reserve, and national mining projects. Because why have one digital currency when you can have four? 🤭
  • What regulatory framework supports it? The Finance Ministry is developing a National Digital Asset Framework and licensing regime for VASPs. Because nothing says “regulation” like a framework that’s still in the brainstorming phase. 🤷‍♀️

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2025-12-06 22:08