Pakistan Announces National Bitcoin Reserve

Pakistan has unveiled the launch of the nation’s first state-supported Strategic Bitcoin Reserve. It is hoped it will attract international investment and showcase the nation’s faith in cryptocurrencies.

It is being spearheaded by Bilal Bin Saqib, who has been made Special Assistant on Blockchain and Cryptocurrency with the rank of Minister of State. He is also the CEO of the Pakistan Crypto Council (PCC).

Saqib made commitments on Bitcoin 2025 in Las Vegas to keep Bitcoin within a national wallet with no desire to sell it, demonstrating long-term digital currency holding;

2,000 megawatts of excess electricity from the state were diverted into fueling Bitcoin mining and AI data centers.

The action is part of a larger strategy to exploit idle energy capacity and make Pakistan an active participant in the international world of cryptocurrency.

Nonetheless, the action has attracted controversy. The senior officials of the State Bank of Pakistan and the Ministry of Finance have reaffirmed that cryptocurrency is still prohibited in the country, explaining there is a disconnect between international targets for the government and national policy.

Critics also refer to the country’s persistent energy crisis and pose questions regarding why so many power resources are being provided to crypto mining when people do not even have electricity in their homes.

In spite of these issues, creating the Strategic Bitcoin Reserve is a major success for Pakistan’s strategy on digital assets, aligning with the country’s desire to be part of new financial technology in the global arena.