At long last, it appears that the Pakistani government is finally stepping into the cryptocurrency space by partnering with SC Financial Technologies. The deal opens the door for Pakistan to begin experimenting with cryptocurrency as a medium of exchange for international payments, supplementing the traditional financial systems on which its markets currently rely. The arrangement carries several important implications.

To begin with, the product involved is a stablecoin — a cryptocurrency pegged to the US dollar — which significantly reduces volatility and limits the scope for speculative manipulation and fraud. With official government backing, the likelihood of the project gaining traction as a legitimate means of exchange also........

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