World Liberty Financial and Pakistan Crypto Council Join Forces for Crypto Advancement
In a notable development within the realm of digital currencies, World Liberty Financial, a decentralized finance platform supported by former U.S. President Donald Trump, has entered into a strategic partnership with the Pakistan Crypto Council. This initiative aims to bolster cryptocurrency adoption in Pakistan, as reported by Business Recorder on April 27.
Pakistan Achieves a Top 10 Position in Global Crypto Adoption Rankings
Pakistan has emerged as a key player in the global cryptocurrency landscape, securing the ninth spot in terms of crypto adoption worldwide. This accomplishment is attributed to approximately 25 million active users and a staggering $300 billion in annual transactions, as per data from blockchain analytics firm Chainalysis. Muhammad Aurangzeb, Pakistan’s finance minister, attributes this success to the nation’s youthful population, with an estimated 60% under the age of 30.
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Comprehensive Crypto Framework Development Through Strategic Partnership
The collaboration between World Liberty Financial and the Pakistan Crypto Council outlines several pivotal initiatives. World Liberty Financial is set to play a crucial role in establishing regulatory sandboxes to test blockchain applications, crafting stablecoin use cases for remittances and trade, exploring the tokenization of real-world assets, and supporting the growth of decentralized finance (DeFi) protocols within Pakistan.
This groundbreaking agreement was formalized by World Liberty co-founders Zach Witkoff, Zak Folkman, and Chase Herro, alongside Bilal bin Saqib, CEO of the Pakistan Crypto Council. High-ranking government officials, including Pakistan’s central bank governor, finance minister, and IT secretary, were present at the signing.
Former Binance Chief Joins Efforts as Strategic Advisor
In a significant move, the Pakistan Crypto Council has appointed former Binance CEO Changpeng Zhao as a strategic advisor. Zhao’s expertise will be instrumental in guiding Pakistan’s regulatory and innovation strategies concerning cryptocurrencies. Zhao’s recent meeting with the founders of World Liberty Financial underscores the close collaboration between the involved parties in advancing Pakistan’s crypto initiatives.
As of now, the global market capitalization of digital currencies has reached an impressive $2.94 trillion, highlighting the growing influence of cryptocurrencies worldwide.
Shift in Policy: Embracing Cryptocurrency After Past Resistance
This partnership signifies a major shift in Pakistan’s stance towards digital currencies. Just a year earlier, in May 2023, the then-finance minister Aisha Ghaus Pasha had declared that Pakistan would never legalize bitcoin due to concerns over Financial Action Task Force regulations.
However, the Federal Investigation Agency of Pakistan has introduced a new regulatory framework as of April 10. This model aims to address concerns related to terrorism financing, money laundering, and Know Your Customer requirements, while simultaneously promoting innovation. FIA Director Sumera Azam emphasized the importance of balancing technological advancements with national security needs.
The proposed regulations will require legislative approval and consultations with Pakistan-based crypto enterprises before implementation, which is anticipated to commence in 2026 through a phased approach.
Donald Trump and his family have vested economic interests in the success of World Liberty Financial, poised to benefit from the platform’s profits following their support for its launch last year.
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