Irshad Mengal
May 31
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🧩 Vision: A Blockchain-Based PKR Stablecoin to Modernize Pakistan’s Financial Landscape
To
The Honorable Governor,
State Bank of Pakistan (SBP)
Subject: Humble Proposal for a PKR-Pegged Stablecoin to Drive Financial Innovation and Inclusion in Pakistan
Respected Sir/Madam,
With utmost respect, I wish to bring forward a visionary proposal to introduce a Pakistani Rupee-backed stablecoin, built on secure blockchain infrastructure and regulated by the State Bank of Pakistan (SBP). As global economies rapidly transition toward digital currencies, this initiative could position Pakistan at the forefront of financial innovation in South Asia. 🏦💡
Countries around the world — from China to the UAE — are embracing central bank digital currencies (CBDCs) and blockchain-backed stablecoins. Pakistan can join this forward-looking momentum with a PKR-backed stablecoin, which would be compliant, secure, and integrated into the formal economy.
🚀 Why Pakistan Needs a PKR Stablecoin:
1. Financial Inclusion
Empower millions of unbanked citizens, especially in rural areas, with mobile-first, low-cost financial access. 🌐📱
2. Lower Transaction Costs
Optimize domestic and cross-border transactions with near-instant, cost-effective digital settlements. 💸⏱️
3. Transparency & Trust
Leverage blockchain’s auditable and tamper-proof nature to reduce corruption and increase public trust. 🔍🔐
4. Boost Remittances & Trade
Enable seamless, real-time international transactions and remittances, reducing reliance on intermediaries. 🌍💱
5. Drive Innovation & Investment
Attract global fintech players, venture capital, and blockchain startups, building a new digital economy. 💼🌱
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🛡️ Call to Action:
We respectfully urge the Government of Pakistan and the SBP to consider:
Forming a regulatory sandbox or task force focused on stablecoin development.
Establishing policies that ensure compliance, cybersecurity, and monetary policy alignment.
Collaborating with trusted blockchain platforms like Binance for technology consultation and global best practices. 🔗🌐
This is a defining moment. A PKR-backed stablecoin could not only strengthen our financial sovereignty but also open doors to sustainable innovation, foreign direct investment, and a resilient digital economy.
We remain committed to contributing to this national dialogue and would be honored to participate in any forum, consultation, or advisory process initiated by the SBP.
