Pakistan Considers Stablecoin Backed by Rupee Amid Economic Opportunities

According to PANews, Pakistan is contemplating the issuance of a stablecoin backed by the Pakistani rupee, as revealed by Zafar Masud, Chairman of the Pakistan Banks' Association. This move is seen as a response to potential delays in digital asset regulation, which could result in the loss of up to $25 billion in economic development opportunities. Faisal Mazhar, Deputy Director of the Payment Department at the State Bank of Pakistan, stated that with assistance from the World Bank and the International Monetary Fund (IMF), a prototype for a central bank digital currency (CBDC) is currently under development. The plan includes a pilot phase before a full-scale rollout.