Key Takeaways
- Pakistan regularly holds conversations with leading Bitcoin-holding entities around the world.
- The IMF declined Pakistan’s request to allocate significant energy toward BTC mining as part of a $7 billion loan agreement.
- El Salvador continues to buy BTC daily despite IMF loan agreement.
Pakistan’s crypto lead, Bilal Bin Saqib, has been meeting with the world’s largest and most successful innovators and adopters of Bitcoin (BTC) in a bid to modernize its economy.
Most recently, he’s met with El Salvador’s President, Nayib Bukele, who has made Bitcoin a part of the nation’s finances, hinting at Pakistan’s ongoing intentions to adopt BTC despite concerns from the International Monetary Fund (IMF).
Embracing Bitcoin
Bukele, a world leader who has become a pioneer of Bitcoin adoption by becoming the first country to officially legalize BTC as legal tender and commit to buying “1 BTC every day”, recently met with Pakistan’s crypto lead, Saqib, to share knowledge and explore crypto-related opportunities.
Praising Bukele’s embrace of future technologies, Saqib notes that El Salvador is doing more than just adopting innovation, but also “writing the blueprint for the world.”
It comes amid several high-level meetings taking place between Pakistan and some of the leading Bitcoin entities in the world.
This includes conversations with the largest corporate holder of Bitcoin, Strategy, and its boss, Michael Saylor, whom Saqib spoke with just a day ago.
IMF Opposition
This year, Saqib also announced that Pakistan was officially exploring the creation of a Bitcoin Strategic Reserve, a trend set in motion by U.S. President Donald Trump. The plan could see Pakistan utilize its energy surplus to mine BTC and attract foreign investment, though it’s not without its troubles.
Notably, the International Monetary Fund (IMF) declined Pakistan’s plan to allocate 2,000 megawatts of electricity for BTC mining operations, citing its opposition to the role of crypto in official economic frameworks.
The rejection comes as part of Pakistan’s $7 billion loan agreement with the IMF.
Similarly, a loan agreement between El Salvador and the IMF has seen the nation scale back its Bitcoin and crypto legislation, especially in the realms of commercial use for retailers and merchants.
However, the IMF has also requested that El Salvador cease buying BTC by July 2025. According to data from the nation’s Bitcoin Office, Bukele’s BTC stash continues to grow daily.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
