Pakistan and El Salvador Strengthen Diplomatic Ties With New Crypto Alliance

Key Points

1. Pakistan and El Salvador formalized diplomatic ties with cryptocurrency as a central focus, following a meeting between their representatives.

2. Pakistan plans to establish a national Bitcoin reserve and has launched the Pakistan Virtual Assets Regulatory Authority (PVARA) to oversee the domestic crypto industry.

3. El Salvador, which adopted Bitcoin as legal tender in 2021, continues to purchase Bitcoin despite its IMF agreement, holding 6,238 Bitcoins as of government reports.

4. Tether opened a headquarters in El Salvador in January, indicating further crypto-related developments in the country.

5. Pakistan is under a $7 billion IMF program until 2027, while El Salvador maintains its Bitcoin policy independently of IMF terms.