Pakistan Virtual Asset Regulatory Authority (PVARA) Chairman Bilal Bin Saqib announced that Pakistan will launch its first “stablecoin” as part of its drive to make virtual assets part of the economy.
The PVARA is an autonomous federal body governed by a multi-stakeholder board that includes the governor of the State Bank of Pakistan, the chairman of the Pakistan Securities and Exchange Commission and the chairman of the Federal Board of Revenue. Its mandate is to curb illicit finance, protect consumers and unlock opportunities in fintech, remittances and tokenized assets, while fostering Sharia-compliant innovation through regulatory sandboxes.
A stable currency, according to Bloombergis a digital token whose value is intrinsically linked to a physical currency, such as the US dollar, making it more stable than other cryptocurrencies such as Bitcoin.
Speaking at Binance Blockchain Week in Dubai, the cryptocurrency czar said Pakistan will “definitely launch” a stablecoin, adding that the country is working on both that and 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 digital financial innovation that’s happening. Why should we be at the back when we have the capacity and the adoption?”
The Pakistan Crypto Council (PCC) said Saqib also participated in a panel discussion on the future of virtual assets and the regulation of emerging markets, according to a post on his X account.
“He emphasized that for countries like Pakistan, clear and innovation-friendly crypto regulation is a key driver of economic growth,” the post said. “Pakistan’s work on stablecoins, data frameworks and banking services for the unbanked can become valuable case studies for the world.”
Earlier this year, Saqib unveiled the country’s first government-led Bitcoin Strategic Reserve. He announced the reservation after delivering a keynote speech to an elite audience, including US Vice President JD Vance, Eric Trump and Donald Trump Jr, at the BitcoinVegas 2025 in Las Vegas.
In May, the government 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.
