Pakistan and El Salvador Forge Bitcoin Collaboration Amid IMF Scrutiny

Pakistan is hoping to partner and tap into the experience of El Salvador to further its own country's crypto dreams.

This partnership comes after a high-level meeting between the CEO of the Pakistan Crypto Council, Bilal Bin Saqib, and the President of El Salvador, Nayib Bukele.

According to Pakistan’s Business Recorder, the agreement lays the groundwork for joint initiatives that could accelerate Pakistan’s digital asset ambitions and financial innovation.

During the meeting, the El Salvador's Bitcoin office and the Pakistan Crypto Council signed a letter of intent where both countries have agreed to make a pact to partner on Bitcoin-related initiatives, while focusing on public sector adoption, blockchain driven financial inclusion and policy development tailored to emerging economies.

During the meeting, Saqib lauded Bukele's conviction in backing Bitcoin and the country's crypto plans amid widespread skepticism and pressure from the international community, including the International Monetary Fund. (IMF)

"Just met one of the most extraordinary visionary leaders of our time, President of El Salvador."

Saqib described Bukele as “a leader from the future, who saw the future first,” emphasizing that visionary leadership doesn’t require abundant resources, but rather “unwavering belief and conviction.”

Pakistan, currently navigating a $7 billion IMF loan program through 2027, is carefully studying El Salvador’s trailblazing Bitcoin strategy as it moves to embrace digital assets more fully.

Pakistan Reached Out To The Pioneer Of Bitcoin

The El Salvador talks were closely followed by a virtual meeting between Pakistan’s Finance Minister Muhammad Aurangzeb, Bilal Bin Saqib, and Bitcoin pioneers, Michael Saylor.

Saylor’s firm reportedly holds Bitcoin reserves exceeding $62 billion, underscoring the scale and growing influence of institutional players in the crypto space.

The Pakistan Crypto Council described these engagements as pivotal, stressing the country’s intent to establish itself as a frontrunner in blockchain innovation and global digital asset leadership.

IMF Pushback on Crypto Mining Plans

Despite strong momentum toward digital transformation, Pakistan’s ambitions have met resistance from the IMF.

Earlier this month, the IMF raised concerns about Pakistan’s proposal to earmark up to 2,000 megawatts of surplus electricity—primarily available during winter months—for Bitcoin mining and AI centers.

The IMF rejected a request to offer subsidized power to energy-intensive industries such as crypto miners, warning that such preferential pricing could distort the electricity market.

Nevertheless, Pakistan continues to drive forward its digital transformation agenda, viewing blockchain and Bitcoin integration as essential to the country’s future economic resilience and technological advancement.