Minister of State for Crypto, Blockchain and CEO of Pakistan Crypto Council, Bilal Bin Saqib. Photo:
Pakistan is set to enter the global arena of digital finance with the launch of its first stablecoin, a move aimed at integrating virtual assets into the national economy, Bilal bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), announced on Friday.
Speaking at Binance Blockchain Week, Saqib confirmed that the country will “definitely launch” a stablecoin, while also developing central bank digital currencies (CBDCs).
“I think it’s a great way to guarantee public debt,” Saqib said. “We want to be at the forefront of this financial digital innovation that’s happening. Why should we be at the end when we have the capacity and the adoption?”
He made these remarks during a panel discussion on the future of virtual assets and emerging market regulation, organized by the Pakistan Crypto Council (PCC).
The council noted on its social media that Saqib “emphasized that for countries like Pakistan, clear and innovation-friendly crypto regulation is a key driver of economic growth.”
The publication added that Pakistan’s work on stablecoins, data frameworks and efforts to bank the unbanked could become valuable case studies for other nations.
The PVARA is an autonomous federal authority and operates under a multi-stakeholder board that includes 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 mandate includes curbing illicit finance, protecting consumers and unlocking opportunities in fintech, remittances and tokenized assets, while fostering Sharia-compliant innovation through regulatory sandboxes.
In early 2025, Saqib unveiled Pakistan’s first government-led Bitcoin Strategic Reserve during a keynote speech at Bitcoin Vegas, attended by prominent figures such as US Vice President JD Vance, Eric Trump, and Donald Trump Jr.
In May, the government also announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power artificial intelligence (AI) and Bitcoin mining data centers.
