Pakistan and El Salvador Join Forces in Epic Crypto Collaboration!

Hold onto your hats, folks! Pakistan and El Salvador just inked a deal that's set to shake up the crypto world. They're teaming up to share knowledge and turbocharge their crypto game!

Get this: Bilal bin Saqib, the Head of Crypto Council and special assistant to Pakistan's prime minister on crypto and blockchain, jetted down to South America to meet with none other than El Salvador's President Nayib Bukele. They're cooking up a storm with a knowledge-sharing partnership focused on cryptocurrency. This ain't no ordinary meeting; it's a game-changer!

This marks the first time two nations have put crypto front and center in their relationship. While Pakistan is just dipping its toes into the crypto ocean, El Salvador has been blazing trails since September 2021, fully embracing crypto at a federal level. Talk about leading the charge!

El Salvador's national Bitcoin reserve is already stacked with 6,238 BTC, worth a cool $745 million. Meanwhile, Pakistan is gearing up to launch its own strategic Bitcoin reserve as part of a government-led push into digital assets. The race is on!

Pakistan's IMF Roadblock

But hold up, Pakistan's crypto dreams hit a snag with the International Monetary Fund. The IMF shot down Pakistan's plan to juice up Bitcoin mining with subsidized electricity, despite promises of an extra 2,000 megawatts. The IMF ain't playing ball when it comes to countries getting cozy with cryptocurrency in their governance plans.

Remember, Pakistan snagged a $7 billion loan from the IMF last year, and that deal's locked in until 2027. No easy way out!

On the flip side, El Salvador's sticking to its crypto guns, even with an IMF loan hanging over its head. They're not letting the IMF's discouragement stop them from stacking up more Bitcoin. That's some serious dedication!

Economy Minister Maria Luisa Hayem said it best back in June: "There's a commitment of President Bukele to keep accumulating assets as a way to do precisely that. Bitcoin keeps being an important project." You heard it here first!

This partnership could be the golden ticket for Pakistan to learn the ropes from El Salvador's trailblazing Bitcoin strategy. Buckle up, because the crypto world is about to get a whole lot more interesting!