Pakistan is actively exploring the potential of cryptocurrency, inspired by the successful experience of El Salvador. A key milestone in this process was the recent visit of Bilal Bin Saqib, head of Pakistan’s Crypto Council, to President Nayib Bukele of El Salvador.
Meeting with El Salvador's President
Bilal Bin Saqib, CEO of the Pakistan Crypto Council, recently met with President Nayib Bukele of El Salvador. During the meeting, Saqib praised Bukele as a 'visionary' who supported Bitcoin when most world leaders were afraid. Bukele was the first head of state to make Bitcoin legal tender.
Collaboration Agreement
During the visit, Saqib and Bukele signed a Letter of Intent for joint cooperation. This agreement encourages the two countries to share ideas and work on Bitcoin-related projects. For Pakistan, this is an opportunity to leverage crypto and blockchain for improved access to financial services and to boost its digital economy.
IMF Challenges
Pakistan has already taken steps to develop its crypto industry by allocating 2,000 megawatts of electricity for Bitcoin mining. However, the International Monetary Fund did not support this initiative, citing potential negative impacts on the market. At a Bitcoin Conference in Las Vegas, Michael Saylor, founder of Strategy, praised Pakistan’s plans to establish a national BTC reserve.
Pakistan is moving towards the adoption of cryptocurrencies and blockchain, learning from El Salvador's experience despite facing challenges. Collaboration with other nations could accelerate the growth of the digital economy.
