 "Trump’s crypto firm silent over shady talks with Pakistan as Islamabad looks to overcome 'bad PR’")
Pakistan Crypto Council CEO Bilal Bin Saqib admitted that the country’s recent crypto-friendly moves are purely political and aimed at overcoming what he termed as “bad PR”.
Meanwhile, the sheer silence of World Liberty Financial Inc (WLFI) over its communications with Pakistan Prime Minister Shehbaz Sharif has fuelled concerns regarding the Donald Trump family using political ties for business gains
Notably, the WLFI in April inked a deal with the Pakistan Crypto Council following communications with PM Sharif. Now, a US Senate subcommittee has asked the firm, in which the majority of the stakes are owned by the Trump family, about its communication with the Pakistani government that led to the deal. However, the firm has maintained silence.
Pakistan draws parallel between crypto, Islamabad’s ‘bad PR’
Meanwhile, Saqib, a top crypto official in Pakistan, has indicated that the country’s crypto dealings with the US are aimed at boosting Islamabad’s PR. Simply put, he said the moves are more political than economic in nature.
“Both Pakistan and Bitcoin have suffered from bad PR. We are looked at as being dangerous, risky and unstable. But once we look beyond these headlines, we can see a lot of potential, resources and talent. So Pakistan is looking for allies,” he said at the annual gathering of the global cryptocurrency community in Las Vegas.
Saqib last month held a meeting with Chief of Army staff Asim Munir, who has now been promoted to the rank of field marshal following standoff with India, to spell out the ambitions of the country’s crypto industry.
Pakistan’s newfound love for crypto
Many see Islamabad’s newfound interest in crypto as a way to grow close business ties with the family of US President Donald Trump.
Saqib himself admitted that Pakistan’s crypto move was inspired by the US.
“We want to thank the US because we are getting inspired from them,” Bilal said.
It’s to be noted that Trump, in March, had signed an executive order to establish a strategic Bitcoin reserve.
Moreover, the association of top political figures of the US, deemed close to the president, in crypto business has raised eyebrows. Trump’s sons Donald junior and Eric as well as grandson Barron are part of the WLFI team as “Web3 Ambassador”. Web3 wallets allow access to apps and store cryptocurrencies.
Impact Shorts
More ShortsTrump’s special envoy Steve Witkoff’s son Zach Witkoff is one of WLFI’s co-founders.
On April 27, Zach wrote on social media that the crypto deal will “bring diversity and financial inclusion to the next generation in Pakistan and beyond.”
Within days as the standoff escalated between India and Pakistan following the terror attack in Pahalgam, Trump claimed that he helped broker a ceasefire between the two nations.
Pakistan too has endorsed Trump’s narrative, whereas India has disputed it, saying the understanding was reached strictly on bilateral terms and the US had a limited role to play.
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