Pakistan is considering the introduction of a stablecoin backed by the rupee
The post Pakistan is considering the introduction of a stablecoin backed by the rupee appeared com. Pakistan is weighing on launching a stablecoin backed by the rupee. This move occurs as experts warn that delaying the regulation of digital assets could result in the country missing out on up to $25 billion in economic opportunities. Following this announcement, a report pointed out the possibility of the country accessing a growth of about $20 to $25 billion related to cryptocurrency. Speaking at the Sustainable Development Policy Institute (SDPI) Conference, Pakistan Banks Association (PBA) President Zafar Masud said: “If we delay regulation, we risk losing billions in potential investment and innovation,” Masud said, noting that Pakistan’s young population and growing digital economy present a “massive opportunity” for blockchain-based solutions. If successful, Pakistan could position itself as a regional leader in fintech and digital payments. Masud acknowledges the rapidly expanding global market for stablecoins When asked by reporters why the country had shifted its interest towards the stablecoin market, Masud acknowledged the rapidly expanding global market for stablecoins. Based on his argument, Pakistan is carefully evaluating the creation of a stablecoin backed by the rupee. Masud also noted that a Central Bank Digital Currency (CBDC) is important as it could enhance access to financial services and reduce remittance costs. Regarding his statement, Faisal Mazhar, Deputy Director of Payments at the State Bank of Pakistan, commented on the topic of discussion. Mazhar mentioned they have already begun developing a CBDC prototype with assistance from the International Monetary Fund (IMF) and the World Bank. Moreover, the deputy director revealed plans to conduct a pilot phase before fully launching the prototype. In the meantime, it is worth noting that Pakistan’s project to develop its stablecoin comes shortly after a fintech startup, ZAR, announced its plan to offer dollar-backed stablecoins to.