Bilal Bin Saqib, Pakistan Crypto Council CEO and special assistant to Pakistan’s prime minister on crypto and blockchain, 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.” He touted Bukele’s conviction in backing Bitcoin (BTC) and the country’s crypto plans amid widespread skepticism.
Despite concerns raised by the International Monetary Fund (IMF) over its crypto policies, El Salvador continues to accumulate Bitcoin, currently holding more than 6,240 BTC valued at about $740 million, according to BitcoinTreasuries.NET.
“He’s a leader from the future, who saw the future first because when it wasn’t cool to back Bitcoin, he stood with conviction,” Saqib said of Bukele. “A great example that you don’t need abundant resources to put your country on the map — just vision and unwavering belief!”
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Pakistan eyes El Salvador’s Bitcoin strategy
Pakistan, which has recently embraced digital assets amid an ongoing $7 billion IMF loan program lasting until 2027, is looking to El Salvador’s experience with Bitcoin adoption as a blueprint.
According to a report from local media outlet Business Recorder, a key result of the meeting was signing a Letter of Intent 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.
The meeting with Bukele came a day after Pakistan’s Finance Minister Muhammad Aurangzeb and Saqib held a virtual discussion with Bitcoin pioneer Michael Saylor, whose firm Strategy holds Bitcoin reserves worth more than $62 billion.
“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.
Related: Can Bitcoin fix Pakistan’s energy problem? The 2,000 megawatt mining strategy explained
IMF blocks Pakistan’s Bitcoin mining plans
Earlier this month, the IMF expressed concerns regarding Pakistan’s plan to use surplus electricity for crypto mining, rejecting a proposal to offer subsidized power to energy-intensive industries, including Bitcoin miners.
Despite Pakistan having excess electricity during certain seasons, particularly winter, the IMF fears pricing schemes favoring specific industries could upset market balance.
In May, Pakistan earmarked 2,000 megawatts of surplus electricity for Bitcoin mining and AI centers as part of a digital transformation initiative led by the Pakistan Crypto Council and supported by the Ministry of Finance.
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