San Salvador (TDI): Pakistan and El Salvador have taken a major step towards digital financial cooperation by signing a Letter of Intent centered around Bitcoin and blockchain initiatives.
The agreement was finalized in San Salvador during a meeting between Pakistan’s Minister of State for Crypto and Blockchain, Bilal Bin Saqib, and Salvadoran President Nayib Bukele.
The meeting focused exclusively on Bitcoin and the broader realm of digital assets. Observers have coined the term “Biplomacy”, a fusion of Bitcoin and diplomacy, to describe the growing role of decentralized technologies in shaping global relations.
El Salvador, which drew global attention in 2021 with its unprecedented Bitcoin move, has since amassed more than 6,200 bitcoins.
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Purchased at an average price of $42,000, the stash has seen a remarkable rise in value, now exceeding $760 million, following the latest market surge that pushed Bitcoin above $123,000.
The Letter of Intent signed between both nations outlines future collaboration in key areas such as digital asset adoption by public institutions, promoting financial access through blockchain, and formulating regulatory strategies suited for developing economies.
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“El Salvador’s bold stance on Bitcoin has inspired governments worldwide,” noted Bilal Bin Saqib, who led the Pakistani delegation.
“This meeting opens the door to long-term cooperation based on shared goals of innovation and inclusion.”
Farkhund Yousafzai is an Associate Editor at The Diplomatic Insight.
