Pakistan and El Salvador Forge New Ties Based on Crypto Collaboration

Islamabad:In a historic development, Pakistan and El Salvador have initiated bilateral relations based on cooperation in the field of cryptocurrency. This marks the first time the two nations have formally engaged in a crypto-based partnership.
Bilal Bin Saqib, CEO of the Pakistan Crypto Council and Special Assistant to the Prime Minister on Crypto and Blockchain, recently visited the South American nation where he held a high-level meeting with President Nayib Bukele.
The meeting focused on fostering collaboration and knowledge exchange in the areas of cryptocurrency and blockchain technology. This move comes as Pakistan, currently under an International Monetary Fund (IMF) program, is exploring pathways to integrate into global crypto markets.
El Salvador made headlines in 2021 by becoming the first country to adopt Bitcoin as legal tender and has since accumulated 6,238 Bitcoins, currently valued at approximately $745 million.
In Pakistan, cryptocurrency is gaining widespread popularity despite warnings from the State Bank. According to Bilal Bin Saqib, an estimated 15 to 20 million Pakistanis own digital assets.
In May this year, the Government of Pakistan established the Pakistan Digital Assets Authority to regulate digital assets. Prior to this, the Pakistan Crypto Council signed a Memorandum of Understanding (MoU) with the Trump family’s World Liberty Financial to promote blockchain adoption.
This new partnership with El Salvador signals Pakistan’s increasing commitment to embracing digital finance and blockchain innovation on a global scale.