ISLAMABAD / LONDON (IT BOLTWISE) – Pakistan is considering launching a stablecoin pegged to the national currency, the rupee. Experts warn that delays in regulating digital assets could cost the country up to $25 billion in economic opportunities. The development of a central bank digital currency (CBDC) could improve access to financial services and reduce the cost of remittances.
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Pakistan is poised for a potential revolution in the financial sector as the country considers launching a rupee-pegged stablecoin. This initiative could not only promote financial inclusion but also create significant economic opportunities. According to industry reports, the delay in regulating digital assets could cost Pakistan up to $25 billion in economic potential.
At the Sustainable Development Policy Institute (SDPI) conference, Pakistan Banks Association President Zafar Masud highlighted the importance of global stablecoin markets. He highlighted that Pakistan is seriously considering launching a rupee-pegged stablecoin. Such a central bank digital currency (CBDC) could improve access to financial services and reduce the costs of remittances.
Faisal Mazhar, Deputy Director of Payments at the State Bank of Pakistan, revealed that a CBDC prototype is already being developed with support from the World Bank and the International Monetary Fund (IMF). A pilot project is planned before full rollout. These developments could help Pakistan strengthen its position in the global cryptocurrency market.
In parallel, fintech startup ZAR recently raised $12.9 million in a funding round led by Andreessen Horowitz. ZAR aims to make stablecoins accessible to everyday users in Pakistan and other emerging markets. With a population of 240 million people, of which over 100 million adults are unbanked, ZAR could play a critical role in closing the financial inclusion gap.
Pakistan recently opened its doors to international crypto exchanges and virtual asset service providers, inviting them to apply for licenses under a new federal regulatory framework. These moves could help Pakistan establish itself as a leading player in the digital assets space and maximize the economic opportunities associated with cryptocurrency adoption.
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