Bitcoin News Today: Pakistan and El Salvador Partner for Bitcoin Adoption and Knowledge Sharing

Bilal Bin Saqib, Pakistan Crypto Council CEO and special assistant to Pakistan’s prime minister on crypto and blockchain, met with El Salvador’s President Nayib Bukele in San Salvador to explore knowledge-sharing opportunities. Saqib praised Bukele for his visionary leadership and unwavering support for Bitcoin, despite widespread skepticism and concerns raised by the International Monetary Fund (IMF) over El Salvador’s crypto policies. El Salvador continues to accumulate Bitcoin, currently holding more than 6,240 BTC valued at about $740 million.

The meeting resulted in the signing of a Letter of Intent between El Salvador’s Bitcoin Office and the Pakistan Crypto Council. This agreement establishes a formal framework for collaboration on Bitcoin-related initiatives, with a focus on public sector adoption, blockchain-driven financial inclusion, and policy development tailored to emerging economies. The collaboration aims to leverage El Salvador’s experience with Bitcoin adoption as a blueprint for Pakistan, which has recently embraced digital assets amid an ongoing $7 billion IMF loan program lasting until 2027.

The strategic engagement reflects Pakistan’s growing commitment to establishing itself as a leading force in the global digital asset economy. The meeting with Bukele came a day after Pakistan’s Finance Minister Muhammad Aurangzeb and Saqib held a virtual discussion with Bitcoin pioneer Michael Saylor, whose firm holds Bitcoin reserves worth more than $62 billion. This engagement further underscores Pakistan’s determination to integrate cryptocurrency into its economic framework, despite IMF oversight and concerns.

Earlier this month, the IMF expressed concerns regarding Pakistan’s plan to use surplus electricity for crypto mining, rejecting a proposal to offer subsidized power to energy-intensive industries, including Bitcoin miners. Despite Pakistan having excess electricity during certain seasons, particularly winter, the IMF fears that pricing schemes favoring specific industries could upset market balance. In May, Pakistan earmarked 2,000 megawatts of surplus electricity for Bitcoin mining and AI centers as part of a digital transformation initiative led by the Pakistan Crypto Council and supported by the Ministry of Finance.

The collaboration between Pakistan and El Salvador signifies a significant step towards global Bitcoin adoption and knowledge sharing. Both countries aim to use their respective experiences to drive innovation and financial inclusion through blockchain technology. The partnership not only highlights the potential of Bitcoin as a transformative tool but also underscores the importance of international cooperation in the rapidly evolving digital asset landscape.