Pakistan and El Salvador Discuss Bitcoin Strategy

Exploring Knowledge-Sharing Opportunities

Bilal Bin Saqib, CEO of the Pakistan Crypto Council and special assistant to Pakistan’s prime minister on crypto and blockchain, recently met with El Salvador’s President Nayib Bukele in San Salvador. The purpose of the meeting was to discuss potential knowledge-sharing opportunities between the two countries. In a post on social media platform X, Saqib praised Bukele for his unwavering support of Bitcoin and the country’s crypto initiatives, despite criticism from the International Monetary Fund.

Formal Collaboration Agreement

During the meeting, a Letter of Intent was signed between El Salvador’s Bitcoin Office and the Pakistan Crypto Council. This agreement aims to establish a formal framework for collaboration on Bitcoin-related projects, with a focus on public sector adoption, financial inclusion through blockchain technology, and policy development tailored to emerging economies. The move comes as Pakistan looks to El Salvador as a model for Bitcoin adoption.

Growing Commitment to the Digital Asset Economy

The meeting with President Bukele followed a virtual discussion between Pakistan’s Finance Minister and Bilal Bin Saqib with Bitcoin pioneer Michael Saylor. This strategic engagement highlights Pakistan’s increasing dedication to positioning itself as a key player in the global digital asset economy. Despite concerns raised by the IMF regarding Pakistan’s plans for utilizing surplus electricity for crypto mining, the country remains focused on its digital transformation initiatives.

Concerns and Initiatives

Earlier this month, the IMF expressed worries about Pakistan’s proposal to allocate surplus electricity for Bitcoin mining, fearing it could disrupt market balance. However, Pakistan remains committed to its plans, earmarking 2,000 megawatts of surplus electricity for Bitcoin mining and AI centers as part of its digital transformation strategy. The country’s collaboration with El Salvador and engagement with industry leaders like Michael Saylor demonstrate its resolve to establish itself as a prominent player in the evolving digital asset landscape.