Pakistan’s crypto minister and El Salvador’s president met to explore Bitcoin adoption strategies and share insights on national crypto integration.
To discuss the adoption of Bitcoin, Bilal Bin Saqib met with President Nayib Bukele of El Salvador and signed a Letter of Intent for crypto cooperation.
President Nayib Bukele of El Salvador met with Bilal Bin Saqib, the CEO of the Pakistan Crypto Council and special advisor to the prime minister of Pakistan on blockchain and cryptocurrency, in San Salvador to discuss potential opportunities for knowledge exchange.
Saqib called Bukele “one of the most extraordinary visionary leaders of our time” in a post on X on Thursday. Despite considerable skepticism, he praised Bukele’s resolve in supporting Bitcoin (BTC $118,844) and the nation’s crypto objectives.
El Salvador still holds over 6,240 Bitcoins worth over $740 million, according to BitcoinTreasuries.NET, despite the International Monetary Fund (IMF) voicing worries about its cryptocurrency policy.
Saqib praised Bukele, stating, “He is a leader from the future who recognized his potential before others because he stood with conviction when it wasn’t popular to support Bitcoin.” “A fantastic illustration that all it takes to make your nation famous is vision and unwavering belief, not a lot of money!”
Pakistan observes El Salvador’s approach to Bitcoin.
Pakistan, which just adopted digital assets as part of a $7 billion IMF loan program that will last until 2027, is looking at El Salvador’s Bitcoin adoption experience as a model.
The signing of a letter of intent between the Pakistan Crypto Council and El Salvador’s Bitcoin Office was reported as one of the primary outcomes of the meeting by the local media site Business Recorder.
According to reports, the agreement creates a legal framework for cooperation on Bitcoin projects, emphasizing blockchain-driven financial inclusion, public sector uptake, and emerging economy-specific policy creation.
Saqib and the country’s Finance Minister, Muhammad Aurangzeb, met with Bukele the day after they had a virtual conversation with Bitcoin pioneer Michael Saylor, whose company, Strategy, has more than $62 billion in Bitcoin holdings.
The Pakistan Crypto Council said on X, “This strategic engagement reflects Pakistan’s growing commitment to establishing itself as a leading force in the global digital asset economy.”
The IMF blocks Bitcoin mining plans.
Earlier this month, the IMF rejected a plan to provide subsidized power to energy-intensive companies, including Bitcoin miners, and voiced worries about Pakistan’s intention to use excess electricity for cryptocurrency mining.
The IMF is concerned that pricing systems that benefit particular businesses could upset the market balance, even though Pakistan has excess electricity during some seasons, especially winter.
As part of a digital transformation project spearheaded by the Pakistan Crypto Council and backed by the Ministry of Finance, Pakistan set aside 2,000 megawatts of excess electricity in May for Bitcoin mining and artificial intelligence facilities.