3) SBP enforcement power
The central bank must have authority to pause, review, and sanction.
4) AML/KYC compliance that’s real
Not symbolic. Not selective. Real.
5) Institutional pilot first, retail last
No mass rollout. No public hype. No “get rich” narrative.
Only controlled settlement experiments.
The Big Picture: This Is How Banking Is Being Rebuilt
Let me say the quiet part loudly:
Tech giants don’t need to become banks. Banks are becoming tech platforms.
Big Tech already owns:
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cloud infrastructure
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identity layers
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payment interfaces
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user distribution
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data analytics
Regulators are already labeling them “critical” providers to financial systems.
Stablecoins are simply the next logical step:
settlement rails that move like the internet.
So Pakistan is not just picking a stablecoin experiment.
Pakistan is choosing which future it’s joining:
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