Odaily Planet Daily reports that Zafar Masud, chairman of the Pakistan Bankers Association (PBA), stated on Friday that Pakistan is seriously considering launching a rupee-backed stablecoin and is developing a prototype central bank digital currency (CBDC) to increase financial penetration and reduce remittance costs. Masud warned that Pakistan could lose up to $20 billion to $25 billion in crypto-related economic growth opportunities if digital assets are not regulated in a timely manner. The deputy governor of the State Bank of Pakistan revealed that the CBDC prototype is being developed with assistance from the World Bank and the IMF, and pilot testing is planned before a full rollout. Pakistan began inviting international cryptocurrency exchanges and VASPs to apply for licenses in September. (Cointelegraph)