Pakistan’s central bank, with IMF and World Bank support, is testing a rupee-pegged stablecoin and CBDC prototype to enhance inclusion and lower remittance costs.
Pakistan is advancing plans for a rupee-backed stablecoin and a central bank digital currency (CBDC) prototype to improve financial inclusion and reduce remittance expenses. The State Bank of Pakistan is collaborating with the World Bank and IMF on developing the CBDC prototype and has invited licensing applications from global crypto exchanges since September. These initiatives aim to modernize the country's payment systems and expand digital financial access.