Pakistan and El Salvador have formed an alliance to develop the cryptocurrency industry, sharing knowledge and expanding their Bitcoin reserves.
Establishment of Knowledge-Sharing Initiative
Pakistan's Minister of State for Crypto and Blockchain, Bilal Bin Saqib, met with El Salvador’s President Nayib Bukele in San Salvador to launch a knowledge-sharing initiative. This meeting highlights Pakistan's interest in El Salvador's Bitcoin experiences, despite resistance from the IMF.
El Salvador's Bitcoin Strategy
El Salvador continues to build its Bitcoin holdings, now at 6,239 BTC worth nearly $800 million. Despite pausing public-sector purchases to comply with IMF loan terms, the country has also mined hundreds of Bitcoin using geothermal energy, maintaining a profit on its position of over $350 million.
Shared Ambitions in Crypto Assets
Both nations appear committed to navigating around global financial institutions in their shared crypto ambitions. Pakistan has already laid the groundwork for deeper crypto adoption, launching a Strategic Bitcoin Reserve and creating the Pakistan Digital Asset Authority to oversee its growing $25 billion crypto market.
The collaboration between Pakistan and El Salvador may signal a new direction in global cryptocurrency policy, where countries seek independent development of their crypto assets.
