Bilal Bin Saqib, CEO of the Pakistan Crypto Council and special assistant to the Pakistani prime minister on crypto and blockchain, met with El Salvador’s President Nayib Bukele in San Salvador to discuss opportunities for collaboration and knowledge exchange in the crypto space.
In a post shared Thursday on X, Saqib praised Bukele as “one of the most extraordinary visionary leaders of our time,” applauding his steadfast support for Bitcoin despite widespread skepticism and pushback.
El Salvador, which has faced criticism from the International Monetary Fund (IMF) over its crypto stance, continues to expand its Bitcoin holdings. The country now owns over 6,240 BTC—worth approximately $740 million, according to BitcoinTreasuries.NET.
“He’s a leader from the future who saw the future first,” Saqib said of Bukele. “At a time when supporting Bitcoin was far from popular, he stood firm. He’s proof that a country doesn’t need vast resources to make a global impact—just vision and unshakable belief.”
Pakistan Explores El Salvador’s Bitcoin Strategy
Pakistan, currently navigating a $7 billion IMF loan program set to continue through 2027, is turning to El Salvador’s Bitcoin journey as a potential model for its own digital asset strategy.
As reported by local outlet Business Recorder, a key outcome of the recent meeting in San Salvador was the signing of a Letter of Intent between El Salvador’s Bitcoin Office and the Pakistan Crypto Council. The agreement lays the groundwork for formal collaboration on Bitcoin initiatives, with a focus on public sector adoption, blockchain-driven financial inclusion, and policy development tailored to the needs of emerging economies.
The meeting with President Nayib Bukele followed a virtual discussion a day earlier between Pakistan’s Finance Minister Muhammad Aurangzeb, Bilal Bin Saqib, and Bitcoin advocate Michael Saylor, whose firm, MicroStrategy, holds over $62 billion in Bitcoin reserves.
“This strategic engagement reflects Pakistan’s growing commitment to positioning itself as a leader in the global digital asset economy,” the Pakistan Crypto Council stated on X.
IMF Halts Pakistan’s Plans for Bitcoin Mining
Earlier this month, the International Monetary Fund (IMF) raised objections to Pakistan’s proposal to allocate surplus electricity for crypto mining, rejecting a plan that included subsidized power for energy-intensive sectors such as Bitcoin mining.
While Pakistan experiences seasonal electricity surpluses—particularly during the winter months—the IMF warned that preferential pricing for select industries could distort the energy market and undermine economic stability.
Back in May, Pakistan had designated 2,000 megawatts of excess power for Bitcoin mining and AI data centers, a move seen as part of a broader digital transformation effort led by the Pakistan Crypto Council in collaboration with the Ministry of Finance.
