Pakistan and El Salvador signed a deal to share ideas on public Bitcoin adoption and blockchain policies.
- Pakistan Crypto Council signed a Letter of Intent with El Salvador’s Bitcoin Office
- The focus is on financial inclusion and Bitcoin-backed policy plans
- IMF still opposes Pakistan’s Bitcoin mining plans despite excess power supply
Pioneers Meet to Exchange Ideas on Bitcoin
Bilal Bin Saqib, CEO of the Pakistan Crypto Council and advisor to the Prime Minister, met with El Salvador President Nayib Bukele in San Salvador this week. They discussed Bitcoin use and cooperation between their countries.
Saqib praised Bukele for adopting Bitcoin (BTC) early despite global pushback. El Salvador has over 6,240 BTC, worth about $740 million, as part of its national holdings.
Official Deal Signed Between Countries
The two nations signed a Letter of Intent to work together on Bitcoin-related projects. The plan includes helping public institutions use Bitcoin, improving financial access for citizens, and guiding policy for emerging markets.
Saqib said this step shows Pakistan’s strong interest in digital money and blockchain. The country’s Finance Minister also held talks with Bitcoin advocate Michael Saylor, who supports global Bitcoin adoption.
IMF Pushes Back Against Bitcoin Mining Plans
While Pakistan sees promise in Bitcoin, the International Monetary Fund (IMF) does not fully agree. The IMF rejected a proposal that would allow cheaper power rates for Bitcoin mining.
Pakistan has 2,000 megawatts of spare electricity, especially in winter. The country planned to use that for Bitcoin mining and AI data centers, but the IMF believes this could hurt energy prices for other industries.
This tension continues as Pakistan works within a $7 billion IMF program that runs until 2027. Still, the government’s crypto ties with El Salvador mark a key moment in its digital efforts.
Source: cointelegraph.com
