Pakistan and El Salvador Establish Cryptocurrency-Based Bilateral Relations

BlockBeats News, July 17th, according to Bloomberg, Pakistan and El Salvador are establishing a cryptocurrency-based knowledge sharing partnership. Bilaal B. Sabir, Special Assistant for Cryptocurrency and Blockchain of Pakistan, met with El Salvador's President Nayib Bukele in San Salvador to outline the cryptocurrency-focused partnership.

Pakistan is considering building a Bitcoin reserve and has allocated 2,000 megawatts of power for Bitcoin mining. The Pakistan federal government has also established the Pakistan Virtual Asset Regulatory Authority (PVARA) to regulate the country's digital asset industry. PVARA will serve as an independent regulatory body responsible for licensing, supervision, and management of virtual asset service providers while ensuring compliance with international standards, including following the guidelines of the Financial Action Task Force (FATF).