Pakistan is set to launch its own stablecoin as part of efforts to embrace digital financial innovation, Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), announced on Thursday.
According to CoinDesk, a digital media outlet focusing on cryptocurrency, blockchain, and the digital asset economy, a stablecoin is a type of cryptocurrency whose value is pegged to another asset class, such as a fiat currency or gold, to stabilise its price.
Speaking at Binance Blockchain Week in Dubai, he said that the country is experimenting with both a stablecoin and a Central Bank Digital Currency (CBDC), but stressed that the stablecoin initiative will definitely move forward.