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Michael Saylor Backs Pakistan’s Digital Asset Push, Ready to Advise Officials

Highlights:

  • Michael Saylor has voiced strong support for Pakistan’s digital asset push.
  • The Strategy co-founder also offered to serve in an advisory role for Pakistan’s government.
  • He also highlighted how the country could capitalize on some positives to achieve its goals.

According to a clip circulating on social media, Strategy’s co-founder and chairman, Michael Saylor, has lauded Pakistan’s new approach to embracing cryptocurrencies as part of its economic reform efforts. The co-founder also offered to serve in an advisory position for the nation, citing his experience in Bitcoin and other digital assets-related investments.

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A local news outlet reported that Saylor met with Pakistan’s key government administrators to discuss Pakistan’s economic reformation using digital assets. The officials were the nation’s Finance Minister, Muhammad Aurangzeb, and the State Minister for Blockchain and Crypto, Bilal Bin Saqib

Saqib became the Chief Executive Officer (CEO) of the Pakistan Crypto Council (PCC), following the nation’s government appointment in March. The government established this initiative to streamline and regulate the integration of blockchain and other digital assets in its financial landscape.

Following the PCC’s launch, Pakistan’s finance ministry stated:

“The council is set to play a pivotal role in formulating policies, fostering innovation, and ensuring a secure and forward-thinking approach to crypto adoption in Pakistan.”

Saylor Speaks on Positives that Could Drive Pakistan’s Digital Asset Push

Beyond offering to serve in an advisory role for Pakistan, the co-founder also highlighted how the nation could capitalize on some of its resources. First, Saylor spotlighted Pakistan’s marketplace, citing that the country has many brilliant people to do business with.

The CEO compared Pakistan’s current state to Strategy’s early days. According to him, Strategy had less than $400 million for Bitcoin investments. However, the market has increased the company’s buying capacity to $40 billion. Saylor attributed this remarkable success to market participants’ trust in Strategy’s investment approach. Second, Saylor highlighted the significance of intellectual leadership that the world could trust. He also emphasized the importance of communicating clear investment goals, adding that these would drive capital and capability flow into Pakistan.

Saqib Praises Saylor for Transforming Strategy into the Largest Corporate Holder of BTC

Echoing similar sentiments to Saylor, Aurangzeb noted that Pakistan aims to become a leading nation in blockchain and crypto adoption. He believes this would position the country among the elites in the booming digital economy landscape. On his part, Saqib praised Saylor for establishing the world’s largest corporate Bitcoin reserve within five years. He also spoke on drawing inspiration from Saylor’s Strategy to establish a similar reserve for Pakistan.

The Minister stated:

“If private individuals can build that in the US, why can’t Pakistan, as a nation, do the same? We have the talent, the story, and the energy.”

Pakistan Shows Strong Commitment to Embracing Digital Assets

On June 4, Crypto2Community reported that Saqib met with Robert “Bo” Hines, the Executive Director of the United States Council on Digital Assets. Both held extensive discussions on how to facilitate crypto and blockchain inclusion in Pakistan’s financial landscape. They also discussed how Pakistan could leverage the US’s expertise in a strategic partnership.

In May, Pakistan’s central bank issued a directive clarifying its stance on digital assets. The central bank explained that it only mandated licensed financial institutions to stop allowing cryptocurrency and virtual assets transactions as part of its precautionary measures. The central bank added that the directive does not imply an outright ban on digital assets. Instead, it aims to protect financial firms and customers from possible risks.

Beyond establishing digital asset reserves, Pakistan also hopes to improve its Bitcoin mining and Artificial Intelligence (AI) operations by allocating 2,000 megawatts of electricity to power them. This, and several other initiatives, underscore Pakistan’s strong commitment to embracing crypto and blockchain technology.

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