In a move demonstrating its determination to enter the cryptocurrency sector, the Pakistani government has just appointed Bilal Bin Saqib as the Special Assistant to the Prime Minister responsible for blockchain and crypto, while announcing a major plan to allocate 2,000 MW of surplus electricity for Bitcoin mining and AI data centers.
The chosen one is not an ordinary person
Bilal Bin Saqib is a familiar name in the tech and social community. He is the chief advisor to the Minister of Finance and also serves as CEO of the Crypto Council #Pakistan (Pakistan Crypto Council). Previously, Bilal was honored in Forbes 30 Under 30, graduated from LSE (London School of Economics), and was awarded the MBE by King Charles III for his social contributions.
Not stopping there, Bilal is also an advisor for World Liberty Financial (WLF) – a stablecoin project linked to several controversial political figures in the U.S., including former President Donald Trump.
Mining Bitcoin with surplus electricity, attracting capital and technology
Alongside the appointment, the Pakistani government also announced plans to allocate 2,000 megawatts of surplus electricity for Bitcoin mining and AI centers, an effort led by the Crypto Council chaired by Bilal. The main goal is to create high-tech jobs, increase revenue, and attract foreign investment, amid a 45% drop in FDI (foreign direct investment) in February compared to the same period last year.
This is an ambitious move, placing Pakistan among the countries considering using surplus electricity to engage in the digital economy, particularly cryptocurrency mining.
The shadow of the U.S. and the World Liberty Financial project
One noteworthy factor is the connection between Pakistan and the World Liberty Financial stablecoin project (#WLF ) – which is believed to be linked to figures close to Donald Trump.
Last April, Zach Witkoff, co-founder of WLF, visited Pakistan and signed a memorandum of understanding (MOU) with a government ministry, opening up the possibility of using WLF's stablecoin for trade payments and remittances in the country.
Soon after, Bilal Bin Saqib became an advisor to WLF, raising questions about the transparency of the relationship between the Pakistani government and this project.
The role of CZ and mixed public opinion
Another notable point is that former Binance CEO – Changpeng Zhao (CZ) also joined the Crypto Pakistan Council in April, shortly after serving a 4-month prison sentence in the U.S. for violating anti-money laundering laws.
An article from The Wall Street Journal suggests that CZ helped the WLF project connect with foreign partners. However, CZ denied all allegations and called the article 'a deliberate attack.'
Is it too risky?
Pakistan's push to embrace crypto in the context of economic instability and lack of investment has sparked much controversy. Some argue that the country is betting on a high-risk sector, while others see it as an opportunity to break free from dependence on traditional financial institutions and attract new capital.
Despite many questions, it can be seen that Pakistan is entering the crypto field seriously, with a clear strategy from senior personnel to energy infrastructure. In the near future, this move could impact the entire blockchain ecosystem in South Asia and beyond in the global market.
Risk warning: The cryptocurrency market always carries significant risks and volatility. This article is not investment advice. Investors need to carefully consider and take responsibility for their decisions.