Pakistan plans to consider issuing a rupee-backed stablecoin and is developing a CBDC pilot

According to Cointelegraph, Faisal Mazhar, the Deputy Director of the Payment Department of the State Bank of Pakistan, stated that a prototype of the Central Bank Digital Currency (CBDC) is being developed with the assistance of the World Bank and the International Monetary Fund (IMF), and a pilot phase is planned before full-scale rollout.

Additionally, Zafar Masud, the Chairman of the Pakistan Banks Association (PBA), revealed that the country is seriously considering the issuance of a Pakistan Rupee-backed stablecoin and will push for improvements in digital asset regulation, as delays in digital asset regulation could result in a loss of up to $25 billion in economic development opportunities.