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Pakistan Turns to El Salvador to Level Up Its Bitcoin Game
In a bid to revolutionize its financial landscape and level up its bitcoin game, Pakistan has turned to El Salvador for collaboration. A recent meeting between Bilal Bin Saqib, head of Pakistan’s Crypto Council and special advisor to the prime minister, and President Nayib Bukele has paved the way for both countries to share ideas and work on various Bitcoin projects.
As part of this new agreement, Pakistan aims to utilize blockchain technology for financial inclusion, enabling more people to access financial services. The move is seen as a significant step towards digital economic growth in the country.
In contrast, El Salvador’s bold steps have been a subject of admiration for Bilal Bin Saqib. He praised President Bukele for his visionary approach to Bitcoin adoption, stating that he is a leader who “doesn’t just talk tech, but challenges it.” This commendation stems from Bukele’s decision to make Bitcoin legal tender in El Salvador and continue buying more.
Pakistan’s plans, however, have been met with concerns by the International Monetary Fund (IMF). The financial institution expressed worries that providing cheap power for crypto mining could negatively impact the broader energy market. Despite this hurdle, Pakistan has already set aside 2,000 megawatts of spare electricity for crypto mining and AI centers.
Interestingly, Michael Saylor, founder of Strategy, recently praised Pakistan’s plan to build a national BTC reserve during the Bitcoin Conference in Las Vegas and offered his assistance in realizing it.
Source: coinpedia.org
