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

Business Recorder reported that PVARA chairman Bilal bin Saqib sees possible annual savings of about $400 million if stablecoins cut remittance costs by one percentage point. Those savings are based on roughly $40 billion in yearly inflows, which Saqib said still move through the traditional SWIFT system. The proposal is one of several virtual asset use cases the government is developing, including digital exports, trade finance and cross-border settlement.

Saqib also pointed to freelancers, software developers and other digital workers who receive overseas payments, arguing that new rails might ease receipt of legitimate earnings. The government is also studying whether tokenisation could ease a financing gap for SMEs, exporters, agriculture, energy and infrastructure. He noted that SMEs represent 90% of businesses and 40% of GDP, yet SME financing reached only Rs850 billion in March.

Licensing for virtual asset service providers has opened, and current operators must seek a No-Objection Certificate by September 5, 2026, or cease operations. Saqib added that each application should be judged on the measurable economic benefit it brings to Pakistan. He said Pakistan has often approached technological change late, and that it should develop the ability to oversee new tools rather than just adopting them.