ISLAMABAD: Pakistanis are estimated to have invested between $20-30 billion in asset-backed crypto instruments, with trading potentially reaching $300 billion — nearly the size of the country’s $400 billion GDP, experts told the Sustainable Development Policy Institute (SDPI) Conference on Friday. The figures, they stressed, remain indicative due to the absence of a legal framework for cryptocurrencies in Pakistan.
Experts warned that delays in regulating digital assets could cost the country $25 billion in potential economic opportunities. They recommended a cautious, phased approach toward legalisation, highlighting the importance of cybersecurity and consumer protection. Introducing a Central Bank Digital Currency (CBDC) was suggested as a first step, which could also reduce remittance transfer costs significantly.
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Pakistan Banks Association (PBA) President Zafar Masud emphasised the country’s potential to tap $20-25 billion in crypto-related opportunities. He noted the global growth of stablecoins, worth $27.6 trillion, and suggested Pakistan is “seriously considering a rupee stablecoin.” Masud described the CBDC as a pathway toward financial inclusion but warned that cybersecurity challenges and regulatory ambiguity remain major hurdles.
Singapore-based expert Yara Wu highlighted that a CBDC could offer a secure and cost-effective alternative for remittances, while SDPI’s Sajid Amin stressed the need for clear guidelines and cyber protection measures. Faisal Mazhar, Deputy Director of Payments at the State Bank of Pakistan, said a CBDC prototype is under development with support from the World Bank and IMF, with a pilot phase planned before full implementation.
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Experts concluded that adopting digital finance and a CBDC could modernise Pakistan’s financial system, cut remittance costs, and align the country with global fintech trends — but urged swift action to avoid missing a transformative economic opportunity.