Bitcoin is becoming a global phenomenon and a geopolitical factor, as nation-states are now seeking to unite to share their experiences adopting it. The Islamic Republic of Pakistan has taken the first steps to establish diplomatic ties with the Republic of El Salvador, with bitcoin becoming the common interest between the two parties.
According to a statement shared by Pakistan’s minister office, Bilal Bin Saqib, chief executive of Pakistan Crypto Council and an aide to the prime minister on crypto and blockchain, met with El Salvador’s President Nayib Bukele to discuss a knowledge sharing agreement regarding the country’s experience on its bitcoin adoption journey.
The two countries share similarities, as they are both under credit facility agreements with the International Monetary Fund (IMF). Pakistan arranged a $7 billion bailout program in 2024 that has allowed it to improve its macroeconomic conditions, having applied for a new $1.3 billion agreement in March.
El Salvador, which pioneered the adoption of bitcoin as legal tender, entered an agreement with the IMF to receive a $1.4 billion credit facility, agreeing to separate the public sector from bitcoin and not accumulate more bitcoin than what the country already has.
Pakistan has recently made bold moves to regulate and adopt crypto and bitcoin as part of its state policy, proposing to establish a strategic bitcoin reserve, inspired by the moves made by the Trump administration in the U.S.
Similarly, the country announced an initiative to direct part of its energy surplus to artificial intelligence (AI) and bitcoin mining activities, deploying 2,000 megawatts in its initial phase. The program faced criticism from the IMF, which questioned the legality of this allocation without a comprehensive cryptocurrency mining framework.
Read more: New Initiative: Pakistan Allocates 2,000 MW for Bitcoin Mining and AI
Read more: IMF Alarmed as Pakistan Declares Bold Bitcoin Reserve
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