2 days ago
Pakistan’s curate of authorities for crypto and blockchain, Bilal Bin Saqib, met with Robert “Bo” Hines, enforcement manager of US President Donald Trump’s Council connected Digital Assets, during a sojourn to the White House.
The gathering focused connected boosting practice betwixt Pakistan and the United States successful the integer assets space. Discussions covered a wide scope of topics, including Bitcoin (BTC), imaginable partnerships and the aboriginal of decentralized finance, according to a study by 24NewsHD TV.
One cardinal country of dialog was Pakistan’s recently announced Strategic Bitcoin Reserve. “It is my ngo to presumption Pakistan arsenic a planetary person successful integer assets,” Saqib said aft the meeting.
“From launching our Strategic Bitcoin Reserve to unlocking nationalist infrastructure for crypto mining and AI information zones, Pakistan is gathering a existent model for integer plus adoption and economical modernization,” Saqib added.
Hines, appointed by Trump earlier this year, leads US argumentation connected integer assets and works alongside Council Chair David Sacks. The Trump medication has signaled a beardown involvement successful positioning the United States arsenic a planetary person successful this space.
Robert “Bo” Hines, left, shaking hands with Bilal bin Saqib. Source: 24NewsHDRelated: Pakistan appoints peculiar adjunct to PM connected blockchain and crypto
Saqib meets with White House counsel
Beyond the White House meeting, Saqib besides met with officials from the White House Counsel’s Office to sermon ineligible frameworks surrounding blockchain governance.
Pakistan’s broader crypto strategy includes plans to allocate 2,000 megawatts of surplus power toward Bitcoin mining and AI information zones. The extremity is to alteration unused vigor into integer productivity, make jobs and grow nationalist infrastructure.
The state is besides processing a regulatory model for integer assets. On May 21, Pakistan’s Ministry of Finance endorsed the instauration of a dedicated body to modulate blockchain-based fiscal infrastructure successful the country.
The Pakistan Digital Assets Authority (PDAA) volition service arsenic a regulatory assemblage to oversee licensing and regulating exchanges, custodians, wallets, tokenized platforms, stablecoins and decentralized concern applications.
Related: Pakistan creates Digital Asset Authority to modulate crypto
IMF raises concerns implicit Pakistan’s Bitcoin mining plans
On May 31, the International Monetary Fund (IMF) raised concerns implicit Pakistan’s decision to allocate 2,000 megawatts of energy for Bitcoin mining and AI information centers amid ongoing negotiations tied to the country’s extended fiscal program.
The fiscal bureau raised reddish flags astir the move, requesting urgent clarification from the Finance Ministry regarding the legality of crypto mining and the powerfulness allocations, peculiarly arsenic the federation struggles with chronic vigor shortages and fiscal pressures.
Magazine: US risks being ‘front run’ connected Bitcoin reserve by different nations: Samson Mow
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