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political connections
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opaque reserves
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hype-driven adoption
And you get a weaponized payments layer.
This is why regulators globally are worried about Big Tech in finance — not because apps are scary, but because control concentration is system risk.
What Pakistan Can Gain (If It Stays Sane)
Let’s be fair: this can still be a win.
✅ Lower remittance costs
Less middlemen, better settlement efficiency.
✅ Faster cross-border payments for business
Improved speed can reduce working-capital lockups.
✅ Better audit trails (if designed right)
Digital settlement can reduce informal leakages — if compliance is enforced.
✅ A regulatory forcing function
MoUs can be garbage — but they can also force Pakistan to define:
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custody rules
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licensing
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reserve transparency standards
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consumer safeguards
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enforcement authority
That’s the real prize: rules, not vibes.
What Can Go Wrong (And It Will Hurt)
❌ 1) Reserve opacity
If reserves can’t be independently verified and redeemed, “stable” becomes marketing.
