Islamabad:
Pakistan announced on Saturday that it had concluded an agreement with President World Liberty Financial supported by President Donald Trump to accelerate the journey to the legal adoption of digital currencies, in a decision that could follow a multitude of legal changes to the world of cryptography.
The Ministry of Finance made this announcement following separate meetings between the World Financial Financial (WLF) delegation and the Chief of Staff of the Army Asim Munnir, Prime Minister Shehbaz Sharif and Darm Prime Minister Ishaq Dar. The Deputy Prime Minister is strongly interested in the promotion of cryptocurrencies.
“World Liberty Financial, the decentralized finance platform (DEFI) supported by American President Donald Trump, signed a letter of historical intention (LO) with Pakistan Crypto Council (PCC) to accelerate the innovation of the blockchain, the adoption of the stable and the Ministry of Finance Finance (DEFI) through Pakistan” finance.
The public announcement of the signing of the letter of intention was one day after President Donald Trump commented the recent wave of hostilities between India and Pakistan.
“I am very close to India and I am very close to Pakistan…. They will make him understand in one way or another. I am sure that … I know the two leaders,” said Trump.
The Ministry of Finance said that the WLF delegation-including Zachary Folkman, Zachary Witkoff (son of Steve Witkoff who is the Special Envoy in the United States in the Middle East), and Chase Herro-met with the management of Pakistan, notably the Prime Minister, the Chief of the Army Staff, the Vice-Prime Minister, the Minister of Information and the Minister of Defense cooperation.
He added that cooperation will mark a major step towards the positioning of Pakistan as a world leader in the digital finance revolution.
At the beginning of the month, Pakistan also appointed Changpeng Zhao, founder of Binance and one of the most influential figures in web3, as a strategic advisor to Pakistan Crypto Council. Zhao had also met Shehbaz Sharif, Ishaq Dar, the Minister of Finance Muhammad Aurangzeb and the Punjab management, in addition to meeting other key stakeholders.
Reuters reported last month that the Trump family had a complaint on 60% of the world’s financial operations once the main company is launched.
World Liberty revealed in January that the Trump family had taken control of the business. According to the Reuters, two of its co-founders, the Crypto and Chase Herro entrepreneurs have been replaced as the controlling parties of world freedom by a entity in which the Trump family holds a participation of 60%.
The objective of the WLF is to allow people to access financial services using cryptocurrencies and without intermediaries such as banks in what is called decentralized finance, or DEFI. World Liberty Financial last month raised $ 550 million by selling so -called governance tokens. Most of these sales took place after the Trump elections in November, according to Reuters.
The Ministry of Finance said that the proactive approach to Pakistan demonstrates its commitment to adopt the next wave of financial innovation.
“The Government has reported plans to announce complete policies for the legalization of cryptography, further strengthening Pakistan’s position as one of the cryptographic markets that knows the fastest growth in the world,” according to the Ministry of Finance.
The treatment of cryptocurrencies is so far illegal in Pakistan and the State Bank of Pakistan has recommended to gradually adopt new currencies and to start with centralized digital currencies.
The Ministry of Finance said that the letter of intent was signed at the meeting of the Crypto Financial and Pakistan World Liberty and Pakistan. The meeting included the Minister of Finance of Pakistan, CEO of the Council, Governor of the State of Pakistan, President Secp and Federal Secretary for Information Technologies.
The scope of cooperation between Pakistan Crypto Council and World Liberty Financial describes collaboration in the launch of regulatory sandboxes for blockchain financial products, the facilitation of responsible growth in DEFI protocols and the exploration of the tokenization of real assets such as real estate and goods.
Among other areas of cooperation, consists in expanding stable applications for funding and trade, and the supply of a strategic opinion on blockchain infrastructure and global regulatory trends, according to the Ministry of Finance.
The ministry said that Pakistan offers one of the most promising digital savings in the world, with more than 64% of its population under the age of 30. The country ranks among the best in the global adoption of cryptography, with around $ 300 billion in annual cryptographic transactions and 25 million active cryptography users.
With increasing mobile penetration, a dynamic independent economy and a strong government interest in blockchain, young people from Pakistan are only placed to stimulate the next wave of web3 innovation, he added.
The youth and Pakistan technology sector is our greatest assets. Thanks to partnerships like this, we open new doors for investment, innovation and world leadership in the blockchain economy., The Minister of Finance Muhammad Aurangzeb said
The CEO of Pakistan Crypto Council Bilal Bin Saqib added that collaboration with World Liberty Financial is more than a simple partnership – is a strategic decision to allow our young population and integrate Pakistan into the future of global finance.
World Liberty Financial Leadership praised Pakistan’s dynamism, declaring: “The energy, vision and talent of Pakistan make it one of the most exciting places in the world to build the future of decentralized finance.”
Meanwhile, the Minister of Information, Attaullah Tarar, said that there were good opportunities related to cryptocurrency in Pakistan.
Speaking on the occasion of the signing of the agreements between Pakistan Crypto Council and World Liberty Financial, Tarar said that an cryptographic council had been created in Pakistan.
“Pakistan has made progress related to crypto in a very short time,” said Tarar.
The Minister noted that there were attractive investment opportunities in various sectors in Pakistan.
The CEO of Pakistan Crypto Council Bilal Bin Saeed and co-founder of World Liberty Financial Zach Witkoff also spoke to the media.
Bilal Bin Saeed welcomed the co-founder of World Liberty Financial Zach Witkoff in Pakistan.
Speaking on occasion, Zach Witkoff said that Pakistan was a quickly emerging economy and that there were investment opportunities.
