Pakistan eyes $400mn remittance savings through stablecoins, says Saqib

Business Recorder reported that Pakistan is studying regulated stablecoins for remittances. Estimated savings could reach $400 million annually if the cost of transfers drops by a single percentage point. Bilal bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), made the remarks on Saturday, citing roughly $40 billion in yearly inflows. He argued that much of that money still moves through the traditional SWIFT system.

Saqib cited World Bank figures showing sending $200 abroad costs about 6% on average. The broader government effort also covers trade finance, digital export receipts and private credit. He suggested freelancers, software developers and other digital workers receiving overseas payments could benefit as well. Officials are weighing whether tokenisation can ease a financing shortfall for SMEs, which stood at only Rs850 billion in March.

Under Section 70 of the Virtual Assets Act, 2026, existing providers have until September 5, 2026 to file NOC applications, or halt operations. Licensing for virtual asset service providers has now opened, a move the report frames as a significant step. Saqib also said each proposed use case should be judged by the measurable economic benefit it brings to Pakistan.