Comparative Analysis of Remittance Architectures for Pakistan

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Authors: Ajmal Muhammad
Cited by: 0

Abstract

This document compares three primary architectures for cross-border remittances to Pakistan. While Option 1 (Fintech Netting) remains the most reliable for small-to-medium transfers, Option 2a (Foreign Stablecoin) offers high efficiency for larger sums, provided the SBP absorbs incoming liquidity to eliminate slippage. Option 2b (PKR Stablecoin) effectively internationalizes the currency, creating a risk of depleting national reserves where the SBP is forced to use its savings to defend the Rupee's value abroad. Option 3 (SBP Private Ledger) represents the public infrastructure model, operating like a government highway for money, utilizing centralized integrations like Raast-Buna.

Publication details

Journal / source
Zenodo (CERN European Organization for Nuclear Research)
Publication date
7 January 2026
Language
EN