Pakistan and El Salvador Establish Cryptocurrency-Based Bilateral Relations

According to a report by Jinse Finance, citing Bloomberg, Pakistan and El Salvador are establishing a knowledge-sharing partnership based on cryptocurrency. Bilal Bin Saqib, Special Assistant for Cryptocurrency and Blockchain in Pakistan, met with El Salvador's President Nayib Bukele in San Salvador to outline a partnership focused on cryptocurrency. Pakistan is considering establishing a Bitcoin reserve and has allocated 2,000 megawatts of electricity for Bitcoin mining. The federal government of Pakistan has also established the Pakistan Virtual Assets Regulatory Authority (PVARA), which is responsible for regulating the country's digital asset industry. PVARA will operate as an independent regulatory body, responsible for licensing, supervising, and managing virtual asset service providers, while ensuring compliance with international standards, including adherence to guidelines set by the Financial Action Task Force (FATF).