Pakistan and El Salvador have taken a step towards strengthening cooperation in the field of cryptocurrencies by signing an official Letter of Intent to implement a national Bitcoin strategy. The agreement was signed by the head of the Pakistan Cryptocurrency Council (PCC) and the Prime Minister’s special advisor on cryptocurrencies and blockchain, Bilal bin Saqib, along with the President of El Salvador, Nayib Bukele. The document outlines a collaborative effort to implement Bitcoin, expand financial inclusion based on blockchain, and develop policies for digital assets in developing countries.
This is reported by Finway
El Salvador as a Model for Digital Transformation
During a meeting in San Salvador, the parties discussed El Salvador’s experience as the first country in the world to officially adopt Bitcoin as a legal tender. Bilal bin Saqib emphasized that El Salvador has become an example for resource-limited countries with ambitious goals in the digital economy. According to Saqib, countries with emerging economies have the opportunity to implement blockchain and crypto technologies now, drawing on Bukele’s experience.
“He is a leader of the future who saw the future first. When supporting Bitcoin was not yet fashionable, he did it with conviction,” said Saqib, calling Bukele “one of the most remarkable visionary leaders of our time.”
Pakistan’s Plans and IMF Reaction
Despite criticism from the International Monetary Fund, El Salvador continues to build its Bitcoin reserves. According to BitcoinTreasuries.NET, the country already holds over 6,240 BTC, equivalent to approximately $740 million.
Pakistan, for its part, is actively developing its digital economy amid a $7 billion IMF lending program set to last until 2027. Earlier this summer, the PCC, along with the Ministry of Finance, initiated the allocation of 2,000 MW of surplus electricity for Bitcoin mining and the development of artificial intelligence centers. However, the IMF has opposed these plans, particularly regarding the introduction of subsidized electricity rates for energy-intensive sectors, including mining.
In May 2025, information emerged about Pakistan’s creation of a strategic Bitcoin reserve. In April, former Binance CEO Changpeng Zhao joined the Pakistan Crypto Council. In June, Bilal bin Saqib and Pakistan’s Finance Minister Muhammad Aurangzeb held an online meeting with Strategy founder Michael Saylor, who expressed his willingness to advise the government on the Bitcoin reserve.