Pakistan's Crypto Minister, Bilal Bin Saqib, met with El Salvador's President Nayib Bukele in San Salvador to explore knowledge-sharing opportunities . In a Thursday post on X, Saqib described Bukele as “one of the most extraordinary visionary leaders of our time” .
During the meeting, the two leaders discussed three major topics: Bitcoin mining and energy resources, the creation of strategic Bitcoin reserves, and advancing Bitcoin education in their respective countries .
A key result of the meeting was the signing of a Letter of Intent (LoI) between El Salvador's Bitcoin Office and the Pakistan Crypto Council . The agreement reportedly establishes a formal framework for collaboration on Bitcoin-related initiatives, focusing on public sector adoption, blockchain-driven financial inclusion, and policy development tailored to emerging economies .
Saqib expressed that El Salvador's bold experiment with Bitcoin has inspired nations worldwide, emphasizing the shared vision of innovation and inclusion . Bukele welcomed the partnership and reiterated El Salvador's support for countries exploring Bitcoin as a tool for financial sovereignty .
This agreement comes at a time when Pakistan is taking steps to formalize its position on digital assets, including the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA) and plans for a strategic Bitcoin reserve . In March, the country announced plans to legalize Bitcoin and crypto and establish a regulatory framework to attract global investment .
Pakistan has unveiled a new regulatory body to oversee the digital asset sector, known as the Pakistan Digital Asset Authority (PDAA) . Minister Muhammad Aurangzeb stated that PDAA will ensure Pakistan remains Financial Action Task Force (FATF) compliant and promote responsible digital asset use .
El Salvador became the first country to make Bitcoin legal tender in September 2021 . The country's strategy of purchasing one Bitcoin daily since November 18, 2022, has resulted in an impressive 113% return on investment . This approach, known as dollar-cost averaging, has allowed El Salvador to accumulate 969 BTC with a total expenditure of $54.15 million . The current valuation of these holdings stands at approximately $115.18 million, resulting in an unrealized profit of $61.03 million .
El Salvador's national Bitcoin stash has soared past $760 million following the latest price surge above $123,000, marking a major milestone in President Nayib Bukele's crypto strategy . With more than 6,237 BTC in reserves, purchased at an average of $42,000, the country's investment has nearly tripled in value .
El Salvador's commitment to Bitcoin investment represents a daring venture into uncharted financial waters, but it raises vital questions about the sustainability of this path amid global economic headwinds .