Pakistan Courts Binance to Tokenise $2B in State Assets and Launch Stablecoin
- Pakistan signed a Memorandum of Understanding (MOU) with Binance to explore the tokenisation of up to $2 billion of government assets, including sovereign bonds, treasury bills, and commodity reserves.
- The finance ministry intends for the plan to test whether blockchain-based distribution of these real-world assets RWAs can boost liquidity, transparency, and access for international investors.
- Pakistan’s regulator also granted initial clearances to Binance and HTX to begin registering and setting up local subsidiaries.
Pakistan has signed a memorandum of understanding (MOU) with crypto exchange Binance to explore tokenising up to US$2 billion (AU$3.06 billion) of government assets, including sovereign bonds, treasury bills and commodity reserves.
According to Reuters, the Finance Minister, Muhammad Aurangzeb, said the plan would test whether blockchain-based distribution of real-world assets (RWAs) could improve liquidity, transparency and access to international investors.
The commodities under consideration could include reserves such as oil, gas and metals owned by the government. The country’s Crypto Council is also looking into developing a national stablecoin.
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Tokenisation refers to creating a digital version of an asset that can be tracked and transferred on a blockchain. It’s one of the fastest-growing sectors in the crypto industry.
Aurangzeb said the MoU (which is essentially a formal agreement) signalled Pakistan’s reform direction and described it as the start of a long-term partnership, while Binance’s founder Changpeng Zhao (CZ) called the agreement a positive signal for the blockchain industry and said it marked the beginning of a move toward full deployment of the tokenisation initiative.
Pakistan Virtual Assets Regulatory Authority also granted initial clearances for Binance and digital-asset platform HTX to register with regulators, set up local subsidiaries and begin preparations for full exchange licence applications.
Now the clearances allow the exchanges to register on Pakistan’s anti-money laundering (AML) system, set up local subsidiaries and prepare full applications for exchange licences. The regulator added that progress through the process will depend on compliance strength.
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The post Pakistan Courts Binance to Tokenise $2B in State Assets and Launch Stablecoin appeared first on Crypto News Australia.
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