Pakistan and El Salvador partner on Bitcoin as IMF opposes mining plans
Main Idea
Pakistan and El Salvador have formed a partnership focused on Bitcoin and blockchain knowledge-sharing, while the IMF opposes Pakistan's plans to subsidize Bitcoin mining energy.
Key Points
1. The partnership between Pakistan and El Salvador aims to share knowledge on Bitcoin and blockchain, following a meeting between officials from both countries.
2. El Salvador's Bitcoin reserves have reached 6,238 BTC, valued at approximately $745 million, as part of its economic diversification strategy.
3. Pakistan is working on establishing a government-led Bitcoin reserve but faced opposition from the IMF regarding its proposal to subsidize energy for Bitcoin mining.
4. The IMF blocked Pakistan's plan to allocate 2,000 MW of electricity for Bitcoin mining, citing concerns over energy use and existing loan agreements.
5. The collaboration with El Salvador may help Pakistan navigate regulatory and operational challenges in its Bitcoin initiatives.
Description
Pakistan and El Salvador have launched a formal bilateral agreement to advance cryptocurrency cooperation, marking the first instance of a cross-border pact that places digital assets at the forefront of foreign policy. The deal, centred on knowledge-sharing, follows a recent meeting in South America between Bilal bin Saqib, Pakistan’s Special Assistant to the Prime Minister on crypto and blockchain, and El Salvador’s President Nayib Bukele. It comes as Pakistan works to establish a government-l...
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