Bilal Bin Saqib, CEO of Pakistan’s Crypto Council and advisor to the prime minister, met with Nayib Bukele, President of El Salvador, to explore Bitcoin adoption strategies and signed a Letter of Intent for collaboration. Saqib praised Bukele for his leadership in advocating for Bitcoin amidst skepticism, highlighting El Salvador's substantial Bitcoin reserves. Pakistan is looking to adopt a similar approach as it embraces digital assets amidst an ongoing $7 billion IMF loan program. The meeting resulted in an agreement to formalize cooperation focusing on public sector adoption and blockchain-driven financial inclusion. This strategic engagement aims to position Pakistan as a key player in the digital asset economy. However, the IMF has previously blocked Pakistan’s plans to support Bitcoin mining due to concerns about altering market dynamics, despite the country having potential for excess electricity use in this sector.

Source 🔗