Skip to main content

Bitcoin On The Global Stage: Pakistan And El Salvador Share Notes

Pakistan has moved closer to tapping El Salvador’s Bitcoin playbook. In San Salvador this week, Bilal Bin Saqib, CEO of the Pakistan Crypto Council and special assistant to Pakistan’s prime minister on crypto and blockchain, met with El Salvador Nayib Bukele.

They signed a Letter of Intent to share know‑how on public‑sector Bitcoin use, blockchain‑driven financial inclusion and policy design for markets still finding their footing.

Pakistan Signs Framework With El Salvador

According to reports, the agreement establishes a formal connection between El Salvador’s Bitcoin Office and the Pakistan Crypto Council. Its objective is to advise Islamabad while it formalizes regulations regarding the adoption of cryptocurrency.

Pakistan is already subject to a $7 billion IMF loan program to 2027. Now it wishes to learn from the mistakes Bukele made when he legalized crypto as legal tender in September 2021, while facing opposition from the International Monetary Fund regarding fiscal risks.

IMF Concerns Stall Mining Plans

According to IMF statements, the fund rejected Pakistan’s bid to offer subsidized power to energy‑intensive industries, including Bitcoin miners.

That plan would have tapped up to 2,000 megawatts of seasonal electricity surplus—mainly in winter months—to run mining rigs and AI data centers.

The IMF warned that special pricing schemes risked skewing Pakistan’s energy market and undermining fiscal balance. If Islamabad presses ahead without IMF buy‑in, it could trigger fresh delays in loan disbursements.

Bitcoin Reserves And Strategic Talks

Pakistan’s delegation also held a virtual meeting with Michael Saylor, whose firm Strategy holds more than $62 billion in crypto reserves. Saylor shared insights on managing a large‑scale BTC portfolio and using digital assets as an institutional treasury tool.

Pakistan hopes to learn how to build its own “Strategic Bitcoin Reserve” without exposing public finances to wild price swings.

El Salvador now holds over 6,240 BTC, valued at about $740 million, according to BitcoinTreasuries.NET. Bukele’s team has bought more than 3,000 BTC since rolling out its Bitcoin Law, even as critics pointed to market volatility and operational hurdles.

Next Steps For Islamabad

Saqib hailed Bukele as “one of the most extraordinary visionary leaders of our time,” noting that conviction mattered more than deep pockets when staking a country’s reputation on digital currency.

Based on reports, Pakistan plans to dispatch technical teams to El Salvador later this year. They will study Bukele’s tax framework for Bitcoin gains, the setup of the country’s Bitcoin trust and pilot projects that tap blockchain for government payments.

Featured image from Shutterstock, chart from TradingView



from Bitcoinist.com https://ift.tt/GDYrgU2
Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin ETFs Post Second Straight Week Of $500 Million Outflow — Details

The US-based spot Bitcoin ETFs (exchange-traded funds) recorded their second consecutive week of significant outflows over the last five-day trading period. This recent run of disappointing performances reflects the ongoing shift in investor sentiment in the United States. Over the past year, strong inflows into the US Bitcoin ETF market have constantly been associated with positive action for the BTC price. Fittingly, the price of Bitcoin has been consolidating over the past few weeks, struggling to pick up any real momentum. Bitcoin ETFs Record Fourth Consecutive Outflow Day According to the latest market data , the US Bitcoin ETFs registered a total daily outflow of $62.77 million on Friday, February 21. This latest round of withdrawals marked the fourth straight day (and the eighth day in the last nine trading days) that the crypto-based products would witness a net capital outflow. The Grayscale Bitcoin Trust (with the ticker GBTC) accounted for a larger percentage of Friday’...
Post a Comment
Read more

Bitcoin Remains Range-Bound As Volatility Declines – Analyst Explains Price Action

Bitcoin has experienced frustrating price action in recent weeks, leaving investors impatient about its short-term direction. The price has been testing crucial supply levels between $98K and $100K, struggling to break out as uncertainty dominates the market. The lack of a clear move has led to speculation about whether BTC is preparing for a breakout or another correction. Adding to the uncertainty, the market was hit by negative news on Friday when crypto exchange Bybit was hacked, resulting in the theft of $1.4 billion in ETH. The incident caused fear and volatility, briefly dragging prices lower. However, Bybit responded quickly to reassure investors, easing some of the initial panic and stabilizing the market. Despite this, Bitcoin continues to consolidate in a tight range. Crypto expert Daan shared an analysis on X, noting that BTC is still ranging while volatility is steadily decreasing. As price compression increases, traders are on high alert for a potential explosive move....
Post a Comment
Read more

OpenSea Dodges A Bullet As SEC Drops Investigation—Details

In a move that many in the crypto industry view as a positive signal, the US Securities and Exchange Commission (SEC) has officially discontinued its investigation into OpenSea, the leading NFT marketplace. This decision concludes months of uncertainty regarding the regulatory status of NFTs and their classification under US securities laws. SEC Decision Signals A Shift On February 21, 2025, Devin Finzer, the CEO and co-founder of OpenSea, said the SEC will not take any enforcement action against the firm. This comes following the August 2024 Wells Notice to OpenSea issued by the SEC, which indicated the possibility of legal action on alleged unregistered securities offenses. The outcome of this case suggests a possible shift in the way authorities handle NFTs, therefore affecting the whole scene of digital assets. For the industry, this outcome has been seen as a major turning point. Though they are in rivalry with OpenSea, Chris Akhavan, the Chief Business Officer of Magic Eden,...
Post a Comment
Read more