Pakistan Considering Issuing a Rupee-Backed Stablecoin

BlockBeats News, November 8th. According to Cointelegraph, Faisal Mazhar, Deputy Director of the State Bank of Pakistan's Payment Systems Department, stated that with the assistance of the World Bank and the International Monetary Fund, a central bank digital currency prototype is currently under development. The plan is to conduct a pilot phase before full-scale implementation. Additionally, Zafar Masud, Chairman of the Pakistan Banks' Association (PBA), revealed that the country is seriously considering issuing a Pakistan Rupee-backed stablecoin. Furthermore, there will be efforts to enhance the regulation of digital assets, as any delays in digital asset regulation could result in missing out on an economic development opportunity worth up to $25 billion.