In a move that may come after a number of legal reforms to edge closer to the cryptocurrency world, Pakistan stated on Saturday that it has started a contract with World Liberty Financial, which is supported by President Donald Trump, to expedite the process of lawfully accepting digital currencies.
The declaration was made by the Ministry of Finance after separate meetings with Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar, and the World Liberty Financial (WLF) team and Chief of Army Staff General Asim Munir.
The promotion of cryptocurrency is something that the deputy prime minister is really interested in.
President Donald Trump’s remarks about the current surge in violence between India and Pakistan were made the day before the public announcement that he would sign the Letter of Intent.
“I have strong ties to both India and Pakistan.” Whatever the case, they will figure it out. “I’m positive I know both leaders,” Trump remarked.
The WLF delegation met with Pakistan’s leadership, including the Prime Minister, Chief of Army Staff, Deputy Prime Minister, Minister of Information, and Minister of Defense, to formally establish cooperation, according to the finance ministry.
The delegation included Zachary Folkman, Zachary Witkoff (son of Steve Witkoff, the US Special Envoy to the Middle East), and Chase Herro.
Changpeng Zhao, the creator of Binance and one of the most powerful people in Web3, was also named a Strategic Advisor to the Pakistan Crypto Council by Pakistan earlier this month.
Along with other important players, Zhao had also visited with Punjab leadership, Shehbaz Sharif, Ishaq Dar, and Finance Minister Muhammad Aurangzeb.
In January, World Liberty revealed that the Trump family had taken over the company. Reuters reports that an organization in which the Trump family has a 60% share has taken over as World Liberty’s controlling party, replacing two of its co-founders, cryptocurrency entrepreneurs Zak Folkman and Chase Herro.
In what is known as decentralized finance, or DeFi, the WLF seeks to enable users to access financial services through cryptocurrency and without the need for middlemen like banks.
Last month, World Liberty Financial sold so-called governance tokens to raise $550 million. According to estimations by Reuters, the majority of those transactions occurred following Trump’s election victory in November.
According to the finance ministry, Pakistan is committed to embracing the next wave of financial innovation, as seen by its proactive attitude.
“The government has signaled plans to very soon announce comprehensive crypto legalization policies, further strengthening Pakistan’s position as one of fastest-growing crypto markets in the world” , said the Finance Ministry.
The State Bank of Pakistan has suggested implementing the new currencies gradually, starting with centralized digital currencies, as dealing in cryptocurrency is currently prohibited in Pakistan.
According to the Finance Ministry, World Liberty Financial and the Pakistan Crypto Council met and signed the Letter of Intent.
The Federal Secretary for Information Technology, the Chairman of the SECP, the CEO of the Council, the Governor State Bank of Pakistan, and the Finance Minister of Pakistan were present at the meeting.
The Pakistan Crypto Council and World Liberty Financial’s scope of cooperation includes working together to establish regulatory sandboxes for testing blockchain financial products, support the responsible development of DeFi protocols, and investigate tokenizing tangible assets like commodities and real estate.
According to the Finance Ministry, other areas of collaboration include developing stablecoin apps for commerce and remittances and offering strategic advice on blockchain technology and international regulatory trends.
With more than 64% of its population under 30, Pakistan has one of the most potential digital economies in the world, according to the ministry.
With 25 million active users and an estimated $300 billion in yearly cryptocurrency transactions, the nation is one of the most crypto-adopting nations in the world.
As the leadership of World Liberty Financial noted, “Pakistan’s energy, vision, and talent make it one of the most exciting places in the world to build the future of decentralized finance.”
Attaullah Tarar, Pakistan’s minister of information, stated that the country has high prospects with regard to cryptocurrency.
Speaking during the signing of agreements between World Liberty Financial and the Pakistan Crypto Council, Tarar announced the establishment of a crypto council in Pakistan.
“Pakistan has made progress related to crypto in a very short time,” Tarar stated.
The minister said Pakistan offered appealing business prospects across a number of industries.
Bilal Bin Saeed, the CEO of the Pakistan Crypto Council, and Zach Witkoff, a co-founder of World Liberty Financial, also spoke to the media.
