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Pakistan Turns to El Salvador to Level Up Its Bitcoin Game
In a bid to revamp its cryptocurrency game, Pakistan has turned to El Salvador for inspiration and collaboration. This move comes as no surprise, given the two countries’ shared vision of making their economies more inclusive through innovative technologies.
At the heart of this newfound partnership is the signing of a Letter of Intent between Bilal Bin Saqib, head of Pakistan’s Crypto Council and special advisor to the prime minister, and El Salvador’s President Nayib Bukele. This agreement aims to facilitate knowledge sharing and joint project development in the realms of Bitcoin adoption and innovation.
Pakistan, which has been actively exploring ways to harness blockchain technology for financial inclusion, is eager to learn from El Salvador’s experience with making Bitcoin a national currency. The country has already set aside 2,000 megawatts of spare electricity for crypto mining and AI centers, despite concerns from the International Monetary Fund (IMF) that this could disrupt the wider energy market.
In contrast, El Salvador’s bold moves have seen its reserves grow to over 6,089 BTC, valued at approximately $722 million. Bilal Bin Saqib has praised Bukele as a “visionary” leader who is unafraid to challenge conventional wisdom and push the boundaries of innovation.
Pakistan’s strategy for financial inclusion will undoubtedly be influenced by El Salvador’s approach, which goes beyond merely adopting Bitcoin. The country aims to use blockchain technology to expand access to financial services and fuel digital growth.
While Pakistan faces resistance from international organizations like the IMF over its energy-intensive crypto mining plans, it seems that the government is unwilling to back down. This determination is exemplified by Michael Saylor, founder of Strategy, who has offered his support in building a national BTC reserve for Pakistan.
Pakistan’s efforts are not without controversy, as some critics argue that prioritizing Bitcoin adoption and blockchain technology may come at the cost of other essential social services. However, it is clear that the government sees tremendous potential in these technologies to drive economic growth and improve financial access for marginalized communities.
As both countries move forward in their respective crypto journeys, one thing is certain – Pakistan will be drawing inspiration from El Salvador’s bold actions.
Source: coinpedia.org
