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What is the story about?
Pakistan on Wednesday, January 14, said it has signed a memorandum of understanding with a firm linked to World Liberty Financial to explore using its stablecoins for cross-border payments.
The MoU was signed by Finance Minister Muhammad Aurangzeb and Zach Witkoff, son of US Special Envoy Steve Witkoff, and co-founder and chief executive of World Liberty, in Islamabad.
Pakistan Virtual Assets Regulatory Authority (PVARA) confirmed that the Ministry of Finance signed an MoU with SC Financial Technologies LLC, an affiliated entity of World Liberty Financial.
It said the aim was “to explore innovation in digital finance, particularly the use of stablecoins for cross-border transactions, signalling growing global interest in Pakistan as a key market for digital assets.” Speaking on the occasion, Aurangzeb said that Pakistan recognises that the future of finance is being shaped today.
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“Our focus is to stay ahead of the curve by engaging with credible global players, understanding new financial models, and ensuring that innovation, where explored, is aligned with regulation, stability, and national interest,” he said.
Witkoff also met senior officials and exchanged views on how countries are approaching secure, compliant, and transparent digital payment infrastructure, including innovations in cross-border settlement and foreign exchange processes.
According to the PVARA, the MoU builds on earlier engagements between World Liberty Financial and Pakistan, including the signing of a Letter of Intent in April with the Pakistan Crypto Council, which laid the groundwork for knowledge-sharing and ecosystem-level dialogue around emerging financial technologies.
“Pakistan is rapidly positioning itself as a serious contender in the global digital finance landscape, as World Liberty Financial deepens its engagement with the country to explore next-generation digital payment and cross-border finance innovations,” the PVARA said.
The MoU has been signed as Pakistan is trying to deepen ties with Washington.
The MoU was signed by Finance Minister Muhammad Aurangzeb and Zach Witkoff, son of US Special Envoy Steve Witkoff, and co-founder and chief executive of World Liberty, in Islamabad.
Pakistan Virtual Assets Regulatory Authority (PVARA) confirmed that the Ministry of Finance signed an MoU with SC Financial Technologies LLC, an affiliated entity of World Liberty Financial.
It said the aim was “to explore innovation in digital finance, particularly the use of stablecoins for cross-border transactions, signalling growing global interest in Pakistan as a key market for digital assets.” Speaking on the occasion, Aurangzeb said that Pakistan recognises that the future of finance is being shaped today.
Also Read: Calcutta HC disposes of TMC plea challenging ED raids at I-PAC office
“Our focus is to stay ahead of the curve by engaging with credible global players, understanding new financial models, and ensuring that innovation, where explored, is aligned with regulation, stability, and national interest,” he said.
Witkoff also met senior officials and exchanged views on how countries are approaching secure, compliant, and transparent digital payment infrastructure, including innovations in cross-border settlement and foreign exchange processes.
According to the PVARA, the MoU builds on earlier engagements between World Liberty Financial and Pakistan, including the signing of a Letter of Intent in April with the Pakistan Crypto Council, which laid the groundwork for knowledge-sharing and ecosystem-level dialogue around emerging financial technologies.
“Pakistan is rapidly positioning itself as a serious contender in the global digital finance landscape, as World Liberty Financial deepens its engagement with the country to explore next-generation digital payment and cross-border finance innovations,” the PVARA said.
The MoU has been signed as Pakistan is trying to deepen ties with Washington.
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