Pakistan and El Salvador Collaborate on Bitcoin Policy
Bilal Bin Saqib, special assistant to the prime minister of Pakistan on crypto and CEO of the Pakistan Crypto Council, visited San Salvador and met with President Nayib Bukele to talk about cooperation on Bitcoin adoption and blockchain policy.
The two leaders signed a Letter of Intent that paves the way for a formal collaboration on cryptocurrency projects. Saqib praised Bukele as a pioneer who embraced Bitcoin early, when the global community was doubtful.
“He stood with conviction when it wasn’t cool to support Bitcoin,” Saqib tweeted on X.
Learning from El Salvador’s Bitcoin Blueprint
El Salvador’s Bitcoin policy has been of global interest, particularly after the country legalized BTC as its legal tender in 2021. Despite pressure from the IMF, Bukele has continued to build national Bitcoin reserves, which currently total over 6,240 BTC—worth about $740 million.
Pakistan is attempting to do likewise. Currently in the midst of executing a $7 billion IMF loan program until 2027, the country is attempting to position itself as a digital asset hub, following the example of El Salvador’s model.
The partnership is seeking to drive blockchain-enabled financial inclusion, develop crypto-friendly regulations, and promote Bitcoin adoption in public sector programs.
IMF Pushback on Pakistan’s Mining Ambitions
Interestingly, the IMF recently blocked Pakistan’s proposal to use 2,000 megawatts of surplus power for Bitcoin mining. Despite the country’s excess electricity—especially in winter—the IMF opposed subsidized energy for crypto-currencies on grounds of potential market disruption.
The suggestion was part of Pakistan’s broader digital transformation action plan, led by the Pakistan Crypto Council and endorsed by the Ministry of Finance.
Global Crypto Vision: From Islamabad to San Salvador
This latest engagement, like a virtual meeting with Bitcoin advocate Michael Saylor, is a reflection of Pakistan’s ambition to be a regional digital finance leader.
With this move, Pakistan is joining the likes of El Salvador and global crypto pundits, making a case for blockchain integration and regulation on a long-term basis.
