Pakistan’s crypto minister, El Salvador’s president discuss Bitcoin strategy

     

Bilal Bin Saqib met El Salvador’s President Nayib Bukele to discuss Bitcoin adoption and signed a Letter of Intent for crypto collaboration

Bilal Bin Saqib, CEO of the Pakistan Crypto Council and special assistant to Pakistan’s prime minister on crypto and blockchain, met with El Salvador’s President Nayib Bukele in San Salvador this week to explore bilateral cooperation on Bitcoin and blockchain technology.

In a post shared on X, Saqib praised Bukele as “one of the most extraordinary visionary leaders of our time,” applauding his commitment to Bitcoin despite international pressure. He emphasized that El Salvador’s embrace of Bitcoin serves as an inspiring model for countries with limited resources but bold ambitions.

“El Salvador currently holds more than 6,240 BTC worth around $740 million,” Saqib noted, citing BitcoinTreasuries.NET. “When it wasn’t cool to back Bitcoin, he stood with conviction,” he added. “A great example that you don’t need abundant resources to put your country on the map — just vision and unwavering belief.”

Pakistan eyes El Salvador’s Bitcoin strategy

The visit comes as Pakistan deepens its digital asset agenda while navigating a $7 billion loan agreement with the International Monetary Fund, which runs through 2027.

According to a report by Business Recorder, the two nations signed a Letter of Intent outlining plans for formal collaboration. The agreement focuses on public sector use of Bitcoin, blockchain for financial inclusion, and regulatory frameworks for emerging economies.

The development follows a virtual meeting between Pakistan’s Finance Minister Muhammad Aurangzeb, Bilal Bin Saqib, and Bitcoin advocate Michael Saylor, whose company Strategy holds over $62 billion in Bitcoin reserves.

“This strategic engagement reflects Pakistan’s growing commitment to establishing itself as a leading force in the global digital asset economy,” the Pakistan Crypto Council wrote on X.

IMF blocks Pakistan’s Bitcoin mining plans

Despite its ambitions, Pakistan’s efforts to integrate Bitcoin have drawn resistance from the IMF. Earlier this month, the IMF blocked a proposal to allocate subsidized electricity for Bitcoin mining and AI infrastructure.

The plan, spearheaded by the Pakistan Crypto Council, aimed to repurpose 2,000 megawatts of surplus electricity — particularly available in winter — for digital innovation. But the IMF raised concerns about market imbalances caused by preferential energy pricing for select industries.

While the setback highlights the challenges of implementing Bitcoin-focused policy under IMF scrutiny, Pakistan’s leadership continues to signal strong interest in aligning with nations like El Salvador to accelerate its digital transformation.