Key points
- PVARA promotes innovation in fintech and remittances
- Stablecoin tied to physical assets for stability
- Saqib emphasises innovation-friendly crypto regulations
ISLAMABAD: Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), has announced that Pakistan will soon launch its first stablecoin as part of its effort to integrate virtual assets into the economy.
The PVARA, an autonomous body, is overseen by a multi-stakeholder board including the governor of the State Bank of Pakistan, the chairman of the Securities and Exchange Commission, and the chairman of the Federal Board of Revenue.
Its primary mandate is to combat illicit finance, protect consumers, and unlock opportunities in fintech, remittances, and tokenised assets. It also promotes Shariah-compliant innovation through regulatory sandboxes.
A stablecoin, as defined by Bloomberg, is a digital currency tied to a physical asset, like the US dollar, which makes it more stable compared to volatile cryptocurrencies such as Bitcoin.
Financial digital innovation
Speaking at Binance Blockchain Week in Dubai, Saqib confirmed that Pakistan would “definitely launch” a stablecoin and is also exploring Central Bank Digital Currencies (CBDCs). He noted, “It is a great way to collateralise government debt” and emphasised the country’s intent to be at the forefront of financial digital innovation.
The Pakistan Crypto Council (PCC) shared that Saqib participated in a panel on the future of virtual assets and emerging-market regulation. He stressed that clear, innovation-friendly crypto regulation is essential for driving economic growth, particularly for countries like Pakistan.
Earlier this year, Saqib launched Pakistan’s first Strategic Bitcoin Reserve, addressing a keynote at Bitcoin Vegas 2025. Additionally, in May, the government allocated 2,000 megawatts of electricity to power Bitcoin mining and AI data centres, marking a significant step towards the country’s digital economy ambitions.
