Pakistan Crypto Council (CPC) partnered on Saturday with World Liberty Financial (WLF), a decentralized financial platform supported by the President of the United States, Donald Trump, to advance cryptocurrency and stimulate the adoption of blockchain.
Trump and his affiliates have 60% stake in WLF, which was launched last year. The American president has promised to regulate the industry favorably and his administration has mitigated the implementing measures against several major players in the industry.
A press release from the Ministry of Finance said that a WLF delegation had visited Islamabad today and has signed a letter of intent with the CCP. The delegation included Zachary Folkman, Chase Herro and Zachary Witkoff, the son of Trump’s special envoy, Steve Witkoff.
“(Le) WLF… has signed a letter of historical intention with the PCC to accelerate the innovation of the blockchain, the adoption of Stablecoin and the integration of decentralized finances across Pakistan,” said the press release.
He added that the delegation met the Prime Minister, the Chief of the Staff of the Army, the Deputy Prime Minister, the Ministers of Information and Defense to formalize cooperation, “marking a major stage towards the positioning of Pakistan as the world leader in the digital finance revolution”.
The press release indicates that the government reported plans to soon announce the complete policies of the legalization of cryptography, to strengthen the “position of Pakistan as one of the cryptographic markets that increase the world in the world”.
The letter was signed during a meeting between the WLF and the CPC, which was assisted by the Minister of Finance Muhammad Aurangzeb via a video link. The CEO of PCC, Bilal Bin Saqib, President of Securities and Exchange Commission of Pakistan (SECP) and the Governor of the State Bank were also present.
“The scope of cooperation between (the) PCC and the WLF describes collaboration in key areas, in particular: the launch of bins of regulatory sand for the tests of blockchain financial products; Facilitate responsible growth in DEFI protocols (decentralized financing); Explore (widen the applications of the hourglass for scholars and scholars in the world’s infrastructure and regulatory trends, “the press release said.
Aurangzeb said: “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. ”
Saqib, on the other hand, said that the agreement was “more than a simple partnership, it is a strategic decision to empower our young population and integrate Pakistan into the future of global finance”.
The press release indicates that the management of the WLF praised the dynamism of Pakistan, declaring that the energy, vision and talents of Pakistan made it one of the most exciting places in the world to build the future of decentralized finance.
The Ministry of Finance said that Pakistan, with 64% of its population under the age of 30, offered one of the most promising digital savings in the world.
“The country ranks among the best in the global adoption of cryptography, with around $ 300 billion in annual cryptographic transactions and 25 million active crypto users,” the press release said.
“With the increase in 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.”
Last month, SAQIB said the country planned to legalize cryptocurrency to attract international investments in Pakistan.
In an interview BloombergSAQIB said Pakistan was aimed at creating “a clear regulatory framework to govern digital asset activities to stimulate local ecosystem”.
“Pakistan has finished staying on the sidelines,” he said, adding that they wanted to attract international investments because the country was a high cost market with 60% of the population under the age of 30.
