Visit to the White House
During a recent visit to the White House, Bilal Bin Saqib, the Pakistani Minister of State for Crypto and Blockchain, held discussions with Robert “Bo” Hines, the Executive Director of the Council on Digital Assets established by former President Donald Trump. The main objective of this meeting was to enhance collaboration between the United States and Pakistan in the burgeoning field of digital assets. Key topics of conversation included Bitcoin initiatives, possible partnership opportunities, and the future of decentralized finance, as reported by 24NewsHD TV.
Strategic Bitcoin Reserve
A focal point of their discussions was Pakistan’s newly introduced Strategic Bitcoin Reserve. Following the meeting, Saqib expressed his commitment to establishing Pakistan as a leader in the digital assets domain.
“From initiating our Strategic Bitcoin Reserve to developing national infrastructure for crypto mining and AI data zones, Pakistan is constructing a solid framework for digital asset adoption and economic advancement,”
Saqib stated.
U.S. Policy and Legal Framework
Hines, who joined the White House earlier this year, plays a crucial role in shaping U.S. policy related to digital assets, working under the leadership of Council Chair David Sacks. The Trump administration has shown a keen interest in ensuring that the U.S. remains at the forefront of digital asset innovation.
In addition to the meeting with Hines, Saqib also engaged with officials from the White House Counsel’s Office, discussing the legal frameworks required for effective blockchain governance.
Pakistan’s Cryptocurrency Initiatives
Pakistan’s strategic plans in the cryptocurrency sector also include utilizing 2,000 megawatts of surplus energy for Bitcoin mining operations and AI-focused data centers. This initiative aims to convert idle energy into economic productivity, generating employment opportunities while enhancing the nation’s infrastructure. Furthermore, Pakistan is in the process of developing a regulatory body, the Pakistan Digital Assets Authority (PDAA), which will oversee the licensing and regulation of exchanges, custodians, wallets, and decentralized finance applications.
Concerns from the IMF
However, the International Monetary Fund (IMF) has raised concerns regarding Pakistan’s decision to allocate power for these Bitcoin mining efforts, particularly amid ongoing financial negotiations crucial to the country’s economic stability. On May 31, the IMF requested clarification from the Finance Ministry about the legality of the crypto mining operations and the implications of power allocations, especially as Pakistan grapples with energy shortages and significant fiscal challenges.
