Pakistan explores stablecoins for remittances, digital bonds with Hong Kong
At a glance
- Pakistan and Hong Kong are discussing cooperation on digital bonds and tokenised capital.
- PVARA is exploring the use of regulated stablecoins for remittances.
- The goal is to attract global capital and potentially save $400 million annually on remittances.
Story so far
Pakistan's virtual assets authority (PVARA) is engaging with Hong Kong officials to modernise the country's financial architecture using blockchain technology. Discussions have focused on digital bonds, tokenized capital markets, and learning from Hong Kong's regulatory model. The stated goal is to attract global investment and create a secure, integrated virtual asset ecosystem in partnership with global financial centers.
Latest development
PVARA Chairman Bilal bin Saqib said Pakistan is exploring regulated stablecoins for remittances, which could save the country around $400 million annually. He described tokenisation as a "capital formation story" for Pakistan during talks in Hong Kong.
Latest updates
Further details have emerged from meetings between Pakistan's virtual assets authority and officials in Hong Kong, highlighting a strategy to use financial technology for capital formation.
Bilal bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), stated that for emerging economies like Pakistan, "tokenisation is not simply a technology story. It is a capital formation story." He added that making Pakistani assets easier for global investors to access could widen the pool of capital available to the country.
It was also revealed that Pakistan is exploring the use of regulated stablecoins for remittances. According to the PVARA chairman, this move could potentially save the country around $400 million annually.
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