Pakistan to generate revenue from its Bitcoin reserves through DeFi
Due to the increasing importance of digital assets, a new cryptocurrency system has been introduced in Pakistan.
New York-based independent media platform “Coin Telegraph Magazine” praised Pakistan’s cryptocurrency and blockchain initiatives, in which Pakistan will establish a Bitcoin reserve to manage crypto assets.
Minister of State and CEO Pakistan Crypto Council Bilal Bin Saqib said that Bitcoins in Pakistan will be included in the national reserve, which is an important milestone towards financial stability.
Coin Telegraph Magazine reported that the Ministry of Finance, State Bank and SECP will jointly form a robust crypto framework.
Bilal Bin Saqib said that Pakistan will generate income from its Bitcoin reserves through DeFi. Under decentralized finance protocols, financial activities such as loans and transactions can be easily completed without the need for a bank system with the help of cryptocurrency.
Bilal Bin Saqib met with Michael Saylor, founder and executive chairman of MicroStrategy, to discuss an offer to become an advisor to Pakistan’s strategic bitcoin reserve.
According to the report, Pakistan has risen to ninth place in the global index in 2024 due to rapid progress in cryptocurrency adoption.
