Pakistan is taking significant steps towards embracing the crypto world, as evidenced by a recent Letter of Intent (LoI) signed between the Pakistan Crypto Council (PCC) and World Liberty Financial (WLF), a decentralized finance (DeFi) platform. This collaboration, announced by the Ministry of Finance on Saturday, aims to accelerate blockchain innovation, stablecoin adoption, and DeFi integration across Pakistan.
The announcement follows meetings between the WLF delegation and key Pakistani figures, including the Chief of Army Staff General Asim Munir, Prime Minister Shehbaz Sharif, and Deputy Prime Minister Ishaq Dar, who is reportedly very interested in promoting cryptocurrencies.
According to the Ministry of Finance, this cooperation marks a major step in positioning Pakistan as a global leader in the digital finance revolution. WLF’s delegation included Zachary Folkman, Zachary Witkoff (son of the United States Special Envoy to the Middle East), and Chase Herro.
Interestingly, Reuters reported last month that the family of the individual who previously held the office of, potentially controlling 60% of its operations once the core business is established. World Liberty disclosed in January that an entity in which this family holds a majority stake had taken control of the business from its co-founders.
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WLF’s objective is to provide access to financial services using cryptocurrencies, bypassing traditional intermediaries through decentralized finance (DeFi). Last month, the platform raised $550 million by selling governance tokens, with a significant portion of these sales occurring after November’s elections, according to Reuters calculations.
The Finance Ministry emphasized Pakistan’s proactive approach as a demonstration of its commitment to embracing financial innovation. It noted that while dealing in cryptocurrencies is currently illegal in Pakistan, the State Bank of Pakistan has recommended a gradual adoption, starting with centralized digital currencies.
The signed LoI outlines several key areas of cooperation between the PCC and WLF. These include launching regulatory sandboxes for testing blockchain financial products, facilitating the responsible growth of DeFi protocols, and exploring the tokenization of real-world assets like real estate and commodities. The collaboration also aims to expand stablecoin applications for remittances and trade and provide strategic advisory on blockchain infrastructure and global regulatory trends.
Pakistan’s Finance Minister Muhammad Aurangzeb stated that the country’s youth and technology sector are its greatest assets and that partnerships like this open new doors for investment, innovation, and global leadership in the blockchain economy.
CEO of the Pakistan Crypto Council Bilal Bin Saqib described the collaboration as a strategic move to empower Pakistan’s young population and integrate the country into the future of global finance.
World Liberty Financial leadership commended Pakistan’s dynamism, vision, and talent as key factors making it an exciting place to build the future of decentralized finance.
Information Minister Attaullah Tarar highlighted the good opportunities related to cryptocurrency in Pakistan and noted the establishment of a crypto council in the country. He remarked on the progress Pakistan has made in the crypto space in a short time and the attractive investment opportunities available in various sectors.
The Finance Ministry further stated that Pakistan has one of the world’s most promising digital economies, with over 64% of its population under 30. The country ranks high in global crypto adoption, with an estimated $300 billion in annual crypto transactions and 25 million active crypto users. The ministry concluded by suggesting that Pakistan intends to announce comprehensive crypto legalization policies soon, reinforcing its position as a rapidly growing crypto market.
