Photo by David McBee
In a significant advancement for Pakistan’s financial technology landscape, the Pakistan Crypto Council (PCC) and World Liberty Financial (WLF) have formally executed a series of agreements designed to enhance investment and foster innovation within the cryptocurrency sector. The signing ceremony, which took place on Saturday, was graced by the presence of Minister for Information Ata Tarar, CEO of the Pakistan Crypto Council Bilal Bin Saeed, WLF co-chairman Zack Vetkoff, and other dignitaries. As per a press release from the finance ministry, the US delegation included Zachary Folkman, Chase Herro, and Zachary Witkoff, the son of Trump’s special envoy Steve Witkoff.
The WLF has entered into a groundbreaking Letter of Intent with the PCC to expedite blockchain innovation, promote stablecoin adoption, and integrate decentralized finance throughout Pakistan. The delegation also engaged with the prime minister, chief of army staff, deputy prime minister, and ministers of information and defense to solidify cooperation, representing a significant stride towards establishing Pakistan as a frontrunner in the digital finance revolution. These agreements are anticipated to enhance collaboration between the two entities, stimulate innovation in the cryptocurrency domain, and attract international investment into Pakistan’s digital economy.
In discussions with the media, the officials underscored the significance of these agreements and the burgeoning potential of the cryptocurrency market in Pakistan. Tarar highlighted that the formation of the Pakistan Crypto Council signifies a crucial move towards embracing cutting-edge technologies. He stated, ‘Pakistan presents vast opportunities in the cryptocurrency sector.’ He further remarked that despite being a relatively new entrant, Pakistan has achieved remarkable progress in a brief period. Additionally, he pointed out that Pakistan offers appealing investment prospects across various sectors, and initiatives of this nature will contribute to accelerating economic growth and technological progress.
In the meantime, Vetkoff commended Pakistan’s economic potential, remarking, “Pakistan is among the rapidly emerging economies. We are eager to contribute to its journey towards a dynamic financial future.” Dawn reported that the WLF is a decentralized finance platform supported by President Donald Trump to promote cryptocurrency applications and enhance blockchain adoption. Trump and his associates possess a 60 percent stake in WLF, which was established last year. The US president has pledged to favorably regulate the industry, and his administration has relaxed enforcement actions against several major industry players.
As per the ministry’s statement, the agreement was reached as the government indicated its intention to soon announce comprehensive policies for crypto legalization, aiming to strengthen Pakistan’s status as one of the fastest-growing crypto markets globally. The cooperation framework between the PCC and WLF delineates collaboration in critical areas such as: initiating regulatory sandboxes for testing blockchain financial products; supporting the responsible development of DeFi (decentralized finance) protocols; investigating the tokenization of tangible assets like real estate and commodities; broadening stablecoin applications for remittances and trade; and offering strategic advice on blockchain infrastructure and global regulatory trends, according to the press release.
