Crypto's Rise in the Land of the Pakistanis
Pakistan Designates Global Liberty Financial Advisor for Crucial Role in Government's Cryptocurrency Venture
In a bold move, Pakistan's government has brought a seismic shift to its digital landscape, appointing Bilal Bin Saqib as the special assistant to the PM on blockchain and cryptocurrency. This comes shortly after Bin Saqib, a London School of Economics graduate with a knack for making waves, was named CEO of the Pakistan Crypto Council (PCC) and chief advisor to the finance minister.
This appointment serves as a testament to the Pakistani government's ambitious plan to integrate digital assets into its national economy and regulatory framework.
Electrifying the Crypto Boom
As part of this ambitious plan, Pakistan announced its intentions to allocate a massive 2,000 megawatts of surplus electricity to bitcoin mining and AI data centers. This move aims to create a fertile ground for tech investors, attract foreign funds, and generate revenue by leveraging the country's underused energy resources.
A Hive for Digital Infrastructure
Binance's former CEO, Changpeng Zhao, has joined the PCC as an advisor, signaling a vote of confidence in Pakistan's emerging digital economy. The PCC, established in March, is tasked with facilitating international investment, broadening access to digital financial tools, and fostering innovation through digital assets and blockchain technology.
Pakistan: The Next Crypto Havens?
However, Pakistan's embrace of cryptocurrency has sparked concerns, much like its counterpart in the U.S. Foreign direct investment took a nosedive by 45% in February compared to the previous year. Despite this, Pakistan has turned to crypto projects like World Liberty Financial to revitalize its economy.
In January, Pakistan hired a U.S. lobbyist to facilitate meetings in Washington and appealed for more U.S. investment. Shortly after, Pakistan forged ties with Trump-linked crypto project World Liberty Financial, with Bin Saqib joining as an advisor in April.
The possible integration of World Liberty Financial's stablecoin for trade and remittances in Pakistan is under discussion, while the project has been contacted for comment. Reports suggest that Zhao may be facilitating introductions for World Liberty's foreign travels, a claim he has since denied.
In sum, Pakistan's ambitious crypto venture signals a comprehensive, government-backed effort to integrate blockchain technology and cryptocurrency into its regulatory and economic environment. This shift positions Pakistan as a potential hub for digital infrastructure development, with a focus on tokenization, digital IDs, and financial inclusion for its over 100 million unbanked individuals.
- The appointment of Bilal Bin Saqib as the special assistant to the PM on blockchain and cryptocurrency signifies Pakistan's ambitious plan to integrate digital assets like bitcoin into its national economy and regulatory framework.
- Pakistan's decision to allocate 2,000 megawatts of surplus electricity to bitcoin mining and AI data centers is aimed at creating a conducive environment for tech investors and generating revenue by leveraging the country's underused energy resources.
- Changpeng Zhao, the former CEO of Binance, has joined the Pakistan Crypto Council (PCC) as an advisor, endorsing Pakistan's emerging digital economy.
- Pakistan's embrace of cryptocurrency, such as the involvement with Trump-linked crypto project World Liberty Financial, has sparked concerns and a decrease in foreign direct investment.
- Reports suggest that Changpeng Zhao may be facilitating introductions for World Liberty's foreign travels, but he has since denied these claims.
- The possible integration of World Liberty Financial's stablecoin for trade and remittances in Pakistan, along with the tokenization, digital IDs, and financial inclusion initiatives, positions Pakistan as a potential hub for digital infrastructure development, particularly for its over 100 million unbanked individuals.
