Askari Bank, PVARA explore collaboration on virtual assets ecosystem

ISLAMABAD: Askari Bank hosted Chairman Pakistan Virtual Assets Regulatory Authority (PVARA) and Minister of State Bilal Bin Saqib at its Head Office for a strategic dialogue with the Bank’s President and CEO, Zia Ijaz. The meeting marked an important step toward strengthening collaboration between the banking sector and Pakistan’s virtual assets ecosystem.

Banking infrastructure for digital assets: Discussions centered on Askari Bank’s potential role in enabling fiat on-ramps and off-ramps for virtual asset exchanges and Virtual Asset Service Providers (VASPs), both parties emphasised that regulated financial institutions must participate actively for the sustainable growth of Pakistan’s digital asset ecosystem.

PKR-denominated stablecoin: The discussion explored the concept of a PKR-denominated stablecoin and its role in Pakistan’s digital economy. Participants recognised its potential to mitigate systemic risks, particularly those linked to capital flight, while fostering sustained demand for PKR through consistent buy-side pressure and transparent usage within regulated frameworks.

Cybersecurity and institutional resilience: The conversation also addressed the growing importance of AI-native cybersecurity protocols and building robust cyber defenses to safeguard the banking sector against evolving threats. Both sides acknowledged cybersecurity as foundational to the safe expansion of digital financial services.

Joint working group established: To translate strategic intent into actionable outcomes, Askari Bank and PVARA agreed to establish a joint working group.

Key focus areas include: Tokenization of real-world assets; Stablecoin-based remittances and cross-border flows.

The engagement reaffirmed Askari Bank’s commitment to responsible innovation, regulatory compliance, and collaboration with national stakeholders to support Pakistan’s transition toward a secure and future-ready digital financial ecosystem.

Copyright Business Recorder, 2026