Pakistan, Aug. 23 -- Pakistan is exploring the use of regulated stablecoins for remittances, with potential savings of around $400 million a year if the technology can reduce transfer costs by one percentage point on the country's roughly $40 billion annual remittance inflows, Bilal bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), said.

The proposal forms part of a broader government push to develop use cases for virtual assets, including cross-border payments, digital exports, trade finance and tokenised financial assets. "I consider this technology to be a very big technology to solve the problems of Pakistan," Saqib said on Saturday.

"Approximately $40 billion that we get in remittances is still coming...