Pak & Bitcoin Suffer from Bad PR: CEO of Pak Crypto Body Linked to Trump-Backed Firm
In a recent interview, Bilal bin Saqib, the CEO of Pakistan Crypto Council, made a striking statement that sparked curiosity among the crypto enthusiasts and news enthusiasts alike. He claimed that Pakistan and Bitcoin have both suffered from bad PR, and that his country is often misrepresented through the lens of conflict. However, this statement comes at a time when the Pakistani cryptocurrency watchdog is facing scrutiny over its deal with World Liberty Financial, a Trump-backed firm. In this blog post, we will delve into the implications of these statements and the possible reasons behind the Pakistan Crypto Council’s concerns.
Pakistan, a country often plagued by political and economic instability, has been trying to diversify its economy and improve its global image. The country’s crypto industry has been growing rapidly, with many local businesses and entrepreneurs embracing digital currencies as a means of circumventing traditional financial systems. However, this growth has been marred by controversies and scandals, which have led to a negative perception of Pakistan and its crypto industry.
The Pakistan Crypto Council, established in 2020, is a regulatory body that aims to promote and develop the crypto industry in Pakistan. The council has been working closely with the government to create a favorable regulatory environment for cryptocurrencies. However, the council’s CEO, Bilal bin Saqib, has been facing criticism over his alleged ties to World Liberty Financial, a firm backed by US President Donald Trump.
World Liberty Financial, a private equity firm, has been investing in the crypto industry and has partnered with several prominent crypto companies. The firm’s CEO, Vincent Bhayroo, has been a vocal supporter of Trump and has even donated to his presidential campaign. Bhayroo has also been a vocal critic of cryptocurrencies, calling them a “bubble” and a “rip-off”.
The Pakistan Crypto Council’s partnership with World Liberty Financial has raised several eyebrows, with many questioning the council’s motives and the potential conflicts of interest. The council’s CEO, Bilal bin Saqib, has been accused of having close ties to Bhayroo and has been criticized for his alleged role in facilitating World Liberty Financial’s entry into the Pakistani crypto market.
In the recent interview, Saqib claimed that Pakistan and Bitcoin have both suffered from bad PR, and that his country is often misrepresented through the lens of conflict. He stated that Pakistan is a “victim of bad PR” and that the country’s image is being tarnished by negative publicity. Saqib also claimed that the crypto industry has been unfairly targeted by regulators and that the industry needs to be given a chance to grow and develop.
However, Saqib’s statements have been met with skepticism by many, who see his claims as a attempt to whitewash Pakistan’s image and to deflect attention from the controversies surrounding the Pakistan Crypto Council’s partnership with World Liberty Financial. The deal between the two entities has been criticized for its lack of transparency and for the potential conflicts of interest it raises.
The questions surrounding the Pakistan Crypto Council’s partnership with World Liberty Financial have led to a Senate inquiry, which is currently investigating the deal. The inquiry is seeking to determine whether the deal was fair and transparent, and whether it poses any risks to the Pakistani crypto industry.
In conclusion, the statements made by the CEO of Pakistan Crypto Council, Bilal bin Saqib, have sparked a heated debate about the state of the Pakistani crypto industry and the potential risks it poses. While Saqib’s claims that Pakistan and Bitcoin have both suffered from bad PR may be true, his attempts to whitewash Pakistan’s image and deflect attention from the controversies surrounding the Pakistan Crypto Council’s partnership with World Liberty Financial are unlikely to be successful.
The Pakistani crypto industry needs to be transparent and accountable, and any deals or partnerships it enters into need to be fair and transparent. The industry also needs to be regulated and monitored to prevent any potential risks or scandals. Only then can the industry can grow and develop, and Pakistan can shed its negative image and become a major player in the global crypto industry.
