Pakistan is considering launching a rupee-backed stablecoin and developing a CBDC to seize a $25 billion crypto opportunity.
Pakistan is actively moving toward launching a rupee-backed stablecoin and developing a digital currency. This decisive step comes as experts warn regulatory delays could cause $25 bn in lost economic opportunities.
Stablecoin and CBDC Plans Signal Pakistan’s Digital Finance Push
According to a local report, Pakistan is seriously contemplating issuing a rupee-backed stablecoin to take advantage of the huge digital asset market. Therefore, this pivotal consideration is a part of a bigger plan to leverage the crypto-related growth. Delays in fully regulating digital assets could cost the nation a huge $20 to $25 billion in economic opportunities. This stern warning was delivered by experts at the Sustainable Development Policy Institute (SDPI) Conference.
Pakistan Banks Association (PBA) President Zafar Masud stressed the enormous potential of the country in the sphere of cryptocurrencies. Masud observed the remarkable $27.6 trillion global stablecoin market growth. In addition, he proposed that a Central Bank Digital Currency (CBDC) would have a significant impact in cutting costly remittance transactions down.
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Pakistan has been successful in changing its approach from a very restrictive approach to a proactive and focused approach to regulation in 2025. Specifically, the nation enacted the Virtual Assets Ordinance in July 2025 with the aim of establishing an essential legal framework for all kinds of digital assets. This law gave rise to the formal creation of the Pakistan Virtual Asset Regulatory Authority (PVARA).
The PVARA is tasked with licensing and monitoring the country’s growing crypto industry. Furthermore, this new framework includes mandatory anti-money laundering (AML) and know your customer (KYC) rules. This strict compliance is important to attract foreign investments as well as to legitimize the digital assets.
Stablecoin and CBDC Projects to Increase Financial Inclusion in Pakistan
Faisal Mazhar, Deputy Director, Payments, State Bank of Pakistan (SBP) confirmed an important development. He said that a CBDC prototype is actively being developed with the important support of the IMF and World Bank. As a result, a full pilot phase before the full implementation of the digital rupee is planned. Mazhar also confirmed that SBP has been working on a digital currency since 2022, very seriously.
The move toward CBDC is viewed as an important avenue to bringing about much-needed financial inclusion across the country. Singapore-based expert Yara Wu pointed out how a CBDC is a secure and cheap alternative for remittances. However, financial leaders are focusing on a cautious and phasing approach to reduce potential risks.
Cybersecurity challenges and regulatory ambiguity are two major hurdles that need to be appropriately overcome. SDPI’s Sajid Amin emphasized the need for clear guidelines and effective cyber protection measures. Ultimately, the regulatory efforts of Pakistan are consistent with its ranking among the world’s top countries for overall crypto adoption.
In conclusion, Pakistan move towards a rupee-backed stablecoin and CBDC is a bold move into digital finance. With proper regulation and international backing, the country could release billions in growth. However, timely implementation and rigorous cybersecurity will be the key to realizing Pakistan’s $25 billion crypto opportunity and to bolster financial inclusion.
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