Pakistan to launch rupee-backed stablecoin
According to ChainCatcher, Faisal Mazhar, Deputy Director of the Payment Systems Department at the State Bank of Pakistan, has revealed that a prototype for a central bank digital currency (CBDC) is being developed with support from the World Bank and the International Monetary Fund (IMF).
The project is expected to enter a pilot phase before a full-scale rollout.
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Pakistan
to launch central bank digital currency pilot, Approves virtual assets law
Meanwhile, Zafar Masud, Chairman of the Pakistan Banks’ Association (PBA), stated that Pakistan is seriously considering launching a stablecoin backed by the Pakistani Rupee.
He emphasized that advancing digital asset regulations is a national priority, warning that delays in regulatory progress could cost the country up to $25 billion USD in potential economic growth.
Source: https://www.bitget.com/