Trump-backed World Liberty partners with Pak Crypto Council, sign key deals

In a key move in the development of Pakistan's financial technology sector, the Pakistan Crypto Council (PCC) and World Liberty Financial (WLF) officially signed a series of agreements aimed at promoting investment and innovation in the crypto industry.

The signing ceremony held on Saturday was attended by Minister for Information Ata Tarar, CEO of Pakistan Crypto Council Bilal Bin Saeed, the WLF co-chairman Zack Vetkoff and other officials.

According to a press statement by the finance ministry, the US delegation comprised Zachary Folkman, Chase Herro and Zachary Witkoff, the son of Trump's special envoy Steve Witkoff. 

(The) WLF ... has signed a landmark Letter of Intent with the PCC to accelerate blockchain innovation, stablecoin adoption and decentralised finance integration across Pakistan, it stated.

 

The delegation also met the prime minister, chief of army staff, deputy prime minister, information and defence ministers to formalise cooperation, marking a major step toward positioning Pakistan as a global leader in the digital finance revolution.

The agreements are expected to facilitate greater cooperation between the two organisations, foster innovation in the crypto space, and encourage international investment in Pakistan's digital economy.

Speaking to the media, the dignitaries highlighted the importance of the agreements and the growing potential of the crypto market in Pakistan.

Tarar emphasised that the establishment of the Pakistan Crypto Council marks a pivotal step towards embracing emerging technologies. "Pakistan offers tremendous opportunities in the crypto sector," he said. "Despite being a relatively new player, Pakistan has made remarkable progress in a short span of time."  He further noted that Pakistan presents attractive investment opportunities across various sectors, and initiatives like these will help accelerate economic growth and technological advancement.

Meanwhile, Vetkoff praised Pakistan's economic potential, stating, "Pakistan is one of the fastest-emerging economies. We are excited to be part of its journey towards a vibrant financial future."  Dawn reported that the WLF is a decentralised finance platform backed by President Donald Trump to advance cryptocurrency applications and boost blockchain adoption. Trump and his affiliates hold a 60 per cent stake in WLF, which launched last year.

The US president has promised to regulate the industry favourably and his administration has eased enforcement actions against several big industry players.

According to the ministry statement, the agreement came as the government signalled plans to announce comprehensive crypto legalisation policies soon, to bolster Pakistan's position as one of the fastest-growing crypto markets in the world.

The scope of cooperation between (the) PCC and WLF outlines collaboration in key areas including: launching regulatory sandboxes for blockchain financial product testing; facilitating the responsible growth of DeFi (decentralised finance) protocols".

"Exploring [the] tokenisation of real-world assets like real estate and commodities; expanding stablecoin applications for remittances and trade; and providing strategic advisory on blockchain infrastructure and global regulatory trends, the press release reads.