Pakistan eyes $400mn remittance savings through stablecoins, says Saqib
Pakistan is exploring the use of regulated stablecoins for remittances, with potential savings of around $400 million a year if the technology can reduce transfer costs by one percentage point on the country’s roughly $40 billion annual remittance inflows, Bilal bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), said. The proposal forms part of a broader government…
Pakistan is investigating the potential of using regulated stablecoins for remittances, which could result in savings of approximately $400 million annually, according to Bilal bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA). This technology could reduce transfer costs by one percentage point on the country's roughly $40 billion annual remittance inflows.
Currently, a significant portion of remittances, about $40 billion, are still processed through the conventional SWIFT system. Saqib emphasized the potential of this technology to address Pakistan's challenges. This proposal is part of the government's broader initiative to explore use cases for virtual assets, such as cross-border payments, digital exports, trade finance, and tokenized financial assets.
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