Minister of State for Crypto, Blockchain and CEO of Pakistan Crypto Council, Bilal Bin Saqib. Photo:X
Pakistan is set to enter the global digital finance arena with the launch of its first stablecoin, an initiative 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 the 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 end when we have the strength and adoption?”
He made the remarks during a panel discussion on the future of virtual assets and regulation of emerging markets, organized by the Pakistan Crypto Council (PCC).
The council noted on its social media that Saqib “highlighted that for countries like Pakistan, clear and pro-innovation crypto regulation is a key driver of economic growth.”
The post adds that Pakistan’s work on stablecoins, data frameworks and efforts to bank the unbanked could become valuable case studies for other countries.
PVARA is an autonomous federal authority and operates under the guidance of a multi-stakeholder board of directors which 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 combating illicit financing, protecting consumers and unlocking opportunities in fintech, remittances and tokenized assets, while fostering Sharia-compliant innovation through regulatory sandboxes.
Earlier in 2025, Saqib unveiled Pakistan’s first government-led strategic Bitcoin reserve during a speech at Bitcoin Vegas, attended by prominent figures including 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 Bitcoin mining and artificial intelligence (AI) data centers.
