Stacks and Pakistan join forces to develop national crypto ecosystem

Key points:

• Pakistani Finance Minister Muhammad Aurangzeb and Stacks founder Muneeb Ali held talks on cooperation in the field of crypto technology and blockchain.
• Stacks will advise the government on regulation, stablecoins, remittances, and KYC infrastructure.
• The partnership aims to train developers, foster fintech innovation, and create a sustainable crypto ecosystem in Pakistan.

During the week of the UN General Assembly, Pakistan’s Finance Minister Muhammad Aurangzeb held an extended conference with Muneeb Ali, the founder of Stacks, and other representatives of the Stacks Asia Foundation. The meeting discussed the country’s cryptocurrency strategy and cooperation between Stacks and Pakistan.

Stacks is the leading Bitcoin Layer 2 (L2) platform and the most advanced Layer 2 platform in terms of developer popularity, user activity, and market capitalization.

The Stacks team will advise the Pakistani government as it finalizes the relevant regulations. Particular attention will be paid to creating a compliant infrastructure for stablecoins, remittance systems, and KYC solutions in collaboration with Stacks.

Finance Minister Aurangzeb noted:

“Pakistan is building an open, regulated, and innovation-friendly crypto ecosystem. <…> we see the opportunity to modernize our financial rails, from rupee-backed stablecoins to remittances to digital identity.”

Stacks will contribute to the development of the crypto ecosystem in Pakistan

The Government of Pakistan is eager to collaborate with global projects and partner in training a new wave of Pakistani developers who can offer practical knowledge and experience in policy.

A permanent channel for policy and technical implementation information exchange between Stacks and the Government of Pakistan will stimulate initiatives in the areas of:

• Developer training. Collaboration with leading academic institutions such as the Lahore University of Management Sciences (LUMS) on curriculum, mentorship, and guest lectures.
• Student engagement. Through national hackathons, local Stacks chapters, developer events, and channels for connecting new talent with international mentors and investors.
• Incubating local use cases. Focus on blockchain applications most relevant to Pakistan’s needs, including remittances, payments, microfinance services, supply chains, and record keeping.

In June, Michael Saylor, founder and chairman of the board of directors of analytics software developer Strategy, announced that he would provide consulting services to the Pakistani government on the development of the crypto sector. This includes the creation of a bitcoin reserve.