Pakistan and El Salvador sign a memorandum of cooperation on Bitcoin to promote the application of blockchain technology and financial inclusion for the public sector.
This agreement is expected to promote policies suitable for emerging economies and expand the use of Bitcoin in the public sector, based on the cooperation between the Pakistan Cryptocurrency Agency and the El Salvador Bitcoin Office.
MAIN CONTENT
Pakistan and El Salvador sign a cooperation agreement to develop programs related to Bitcoin.
The agreement focuses on promoting the adoption of Blockchain technology and financial inclusion in the public sector.
El Salvador currently owns more than 6,240 Bitcoins, equivalent to 740 million USD, despite questioning from the IMF.
What is the cooperation between Pakistan and El Salvador in the field of Bitcoin?
The signing of the memorandum establishes a cooperation framework to enhance the application of Bitcoin and Blockchain in the public sector, organized by the El Salvador Bitcoin Office and the Pakistan Cryptocurrency Agency.
In July 2024, Pakistan's Cryptocurrency Minister Bilal Bin Saqib met with El Salvador's President Nayib Bukele to discuss strategies for the international development of Bitcoin. Accordingly, both sides agreed to cooperate in establishing suitable policies to promote the sustainable development of cryptocurrencies, especially for emerging economies.
Building a cooperation framework to support the development of Bitcoin in the public sector will facilitate greater financial inclusion for people and businesses.
Bilal Bin Saqib, Pakistan's Cryptocurrency Minister, July 2024
How much Bitcoin does El Salvador currently hold and what is its value?
El Salvador currently holds more than 6,240 Bitcoins, equivalent to about 740 million USD at current market prices, making it the first country to recognize Bitcoin as legal tender.
Although El Salvador's Bitcoin policy has faced criticism from the International Monetary Fund (IMF), the country remains committed to pursuing the goal of broad Bitcoin adoption, particularly in increasing liquidity and supporting non-traditional financial activities.
Holding a large amount of Bitcoin along with a serious policy to promote the digital economy makes El Salvador a bright spot in applying blockchain in public finance.
Nayib Bukele, President of El Salvador, 2024
What areas does the agreement focus on for cooperation?
The cooperation framework aims to promote the adoption of Blockchain and Bitcoin in the public sector, enhancing financial access for people through decentralized systems and creating suitable policies for developing economies.
Specifically, the cooperation includes support for developing programs using Bitcoin, improving laws and regulatory frameworks that align with practical realities, while promoting financial inclusion through Blockchain, thereby increasing transparency and efficiency for public services.
Frequently Asked Questions
What is the significance of Bitcoin cooperation between Pakistan and El Salvador?
This agreement enhances the application of Bitcoin in the public sector, supports financial inclusion, and builds suitable policies for both emerging economies, creating widespread ripple effects.
How much Bitcoin does El Salvador own and what is its current value?
By July 2024, El Salvador owns more than 6,240 Bitcoins, equivalent to about 740 million USD at market price.
How has the IMF reacted to El Salvador's Bitcoin policy?
The IMF has raised questions about the risks and sustainability of Bitcoin policies, but El Salvador continues to remain steadfast in its strategy to innovate public finance.
What benefits does this cooperation bring to Pakistan?
Pakistan is supported in developing a policy framework, enhancing financial inclusion based on Bitcoin and Blockchain, contributing to the promotion of digital economic innovation.
How might the cooperation framework affect other emerging economies?
The cooperation framework could serve as a reference model, helping emerging economies adopt Bitcoin and Blockchain with suitable policies and promote financial inclusion.
Source: https://tintucbitcoin.com/bitcoin-bo-truong-crypto-gap-tong-thong-el-salvador/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news on the cryptocurrency market and not miss any important information!
