Pakistan’s crypto leader meets El Salvador president to explore Bitcoin’s cooperation
Bilal bin Saqib, CEO of Pakistan Crypto Council and special assistant to Pakistan Prime Minister of Crypto and Blockchain, met with El Salvador President Nayib Buklele in San Salvador to explore the opportunities that share knowledge.
On a Thursday Post In X, Saqib described Buklele as “one of the most rare leaders of the vision of our day.” He revealed Buklele’s faith in Bitcoin’s backing (Btc) And the country’s crypto plan amid extensive doubt.
Despite concerns raised by the International Monetary Fund (IMF) in its crypto policies, El Salvador Continue to accumulate bitcoinCurrently holds more than 6,240 BTCs worth nearly $ 740 million, According to in bitcointreasuries.net.
“He was leading the future, who saw the future first because when it wasn’t cool to return to Bitcoin, he stood faithfully,” Saqib said of Bukle. “It’s a great example that you don’t need abundant resources to put your country on the map – just sight and relentless belief!”
Related: Strategy’s Michael Saylor to help Pakistan with a crypto pivot
Pakistan Eyes El Salvador’s Bitcoin Strategy
Pakistan, who has recently embraced digital assets amid the ongoing $ 7 billion IMF loan program lasting until 2027, is looking for El Salvador’s experience in adopting Bitcoin as a plan.
According to a Report From the local media outlet business recorder, a major result of the meeting signed a letter of intent between the Bitcoin office of El Salvador and the Pakistan Crypto Council.
The agreement has been reported to have established a formal framework for cooperation with Bitcoin-related initiatives, focusing on the adoption of the public sector, integrating financial financial financial and policy development in accordance with emerging economies.
The meeting with Buklele arrived one day after Pakistan finance minister Muhammad Aurangzeb and Saqib conducted a virtual discussion with Bitcoin pioneer Michael Saylor, whose firm approach holds in Bitcoin reserves worth more than $ 62 billion.
“This strategic coherence reflects Pakistan’s growing promise in establishing itself as a leading force in the global economy of digital assets,” Pakistan Crypto Council write In X.
Related: Can Bitcoin fix Pakistan’s energy problem? Explained 2,000 Megawatt mining approach
IMF prevents Pakistan’s Bitcoin mining plans
Earlier this month, the IMF expressed concerns about Pakistan’s plan to use excess electricity for crypto mining, refusing a proposal to offer subsidized power to intensive energy industries, including Bitcoin miners.
Despite Pakistan with excessive electricity at some time, especially winter, the IMF is afraid of pricing schemes that favor specific industries can upset market balance.
In May, Pakistan Already exploding 2,000 megawatts of excess electricity For Bitcoin and AI mining centers as part of a digital transformation initiative led by the Pakistan Council Council and supported by the Ministry of Finance.
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