In a significant step towards embracing digital asset innovation, the Government of Pakistan has signed a Memorandum of Understanding (MOU) with World Liberty Financial (WLF) to explore the development and regulatory implications of a USD1 stablecoin.
The agreement marks a pivotal moment for Pakistan’s financial technology sector, as the nation investigates utilizing blockchain technology to enhance financial infrastructure and facilitate seamless digital transactions.
The core objective of the MOU is to conduct a detailed feasibility study and potentially establish a pilot program for a United States Dollar-pegged digital currency. This initiative is primarily aimed at addressing challenges related to cross-border payments, reducing the high costs associated with international remittances, and promoting broader financial inclusion among the unbanked population.
World Liberty Financial, known for its expertise in digital asset management and blockchain technology, is slated to provide the necessary technical assistance and architectural framework for the stablecoin. The partnership will work closely with relevant Pakistani regulatory bodies, including the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP), to ensure that any potential stablecoin deployment adheres strictly to local financial regulations and international compliance standards.
Experts suggest that the successful integration of a regulated, asset-backed stablecoin could significantly modernize Pakistan’s payment system, offering greater stability and transparency in the digital economy and providing a vital link for foreign investors looking to engage with the growing local FinTech ecosystem.
Source: Pakistan signs MOU with World Liberty Financial to explore USD1 stablecoin
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