Pakistan and El Salvador have initiated their first formal bilateral relationship through a cryptocurrency-focused collaboration.
Bilal Bin Saqib, Special Assistant to Pakistan's Prime Minister on crypto and blockchain, met El Salvador's President Nayib Bukele in San Salvador, launching a knowledge-sharing partnership centered around cryptocurrency. This marks a significant turning point for Pakistan, a country that had previously been cautious towards cryptocurrencies. Recent initiatives in Bitcoin mining using surplus coal energy and plans to include Bitcoin in national reserves have gained further significance following this partnership.
Despite facing strict financial scrutiny from the IMF, Pakistan continues its crypto-oriented initiatives. Even after the IMF rejected energy subsidies for Bitcoin mining, Pakistan allocated 2,000 megawatts specifically for mining, aiming to establish a significant Bitcoin reserve. With an estimated 15 to 20 million citizens already invested in crypto, Pakistan positions cryptocurrency at the core of its financial transformation strategy.
El Salvador, the first country to adopt Bitcoin as legal tender in 2021, continues to expand its Bitcoin reserves despite IMF criticisms. Praising Bukele's vision, Saqib said via social media: "He stood by Bitcoin even when it wasn't popular—he’s a bold leader who saw the future first."
