The Pakistan Crypto Council (PCC) was associated on Saturday with World Liberty Financial (WLF), a decentralized finance platform backed by the president of the United States, Donald Trump, to advance cryptocurrency requests and increase the adoption of blockchain.
Trump and his affiliates have a 60 percent participation in WLF, which was launched last year. The president of the United States has promised to regulate the industry favorably and its administration has facilitated compliance actions against several great actors in the industry.
A press release from the Ministry of Finance said a WLF delegation visited Islamabad today and signed a letter of intention with the PCC. The delegation was composed of Zachary Folkman, Chase Herro and Zachary Witkoff, the son of Trump Steve Witkoff’s special envoy.
“[The] WLF … has signed a letter of historical intention with the PCC to accelerate the innovation of Blockchain, the adoption of Stablcoin and decentralized financial integration in Pakistan, “says the press release.
He added that the delegation met with the Prime Minister, head of the Army personnel, VicePrimer Minister, Information and Defense Ministers to formalize cooperation, “mark an important step towards the positioning of Pakistan as a world leader in the Digital Finance Revolution.”
The statement said the Government has indicated plans to announce the comprehensive legalization policies of cryptography soon, to reinforce the “Pakistan position as one of the fastest growing crypto markets in the world.”
The letter was signed during a meeting between the WLF and the PCC, which was attended by Finance Minister Muhamad Aurengzeb through a video link. The PCC CEO, Bin Saqib, the president of the Pakistan Stock Exchange and Securities Commission (SECP) and the Governor of the State Bank were also present.
“The scope of cooperation between [the] PCC and WLF describe the collaboration in key areas that include: launch of regulatory sandboxes for tests of financial products blockchain; facilitate the responsible growth of the DEFI protocols (decentralized finance); explorer [the] Tokenization of real world assets as real estate and basic products; expand stablecoin applications for remittances and trade; and provide a strategic notice about blockchain infrastructure and global regulatory trends, ”reads the press release.
Aurengzeb was summoned by saying: “The youth and technology sector of Pakistan are our greatest assets. Through associations like this, we are opening new doors for investment, innovation and global leadership in the Blockchain economy.”
Meanwhile, Saqib said that the agreement was “more than an association, it is a strategic movement to empower our young population and integrate Pakistan into the future of global finances.”
The statement said that WLF’s leadership praised Pakistan’s dynamism, stating that Pakistan’s vision and talent made him one of the most exciting places in the world to build the future of decentralized finances.
The Ministry of Finance declared that Pakistan, with 64 % of its population under 30, offered one of the most promising digital economies in the world.
“The country is among the best in the global adoption of cryptography, with an estimated $ 300 billion in annual cryptographic transactions and 25 million active crypto users,” said the press release.
“With the growing mobile penetration, a vibrant independent economy and a strong government interest in Blockchain, Pakistan’s young people are uniquely positioned to boost the next wave of web3 innovation.”
Last month, Saqib said the country planned to legalize cryptocurrency to attract international investment in Pakistan.
In an interview with BloombergSaqib said that Pakistan aimed to create “a clear regulatory framework to govern digital asset activities to boost the local ecosystem.”
“Pakistan has finished sitting aside,” he said, adding that they wanted to attract international investment because the country was a high -growth market with 60 percent of the population under 30.
