Title: Pak & Bitcoin Suffer from Bad PR: CEO of Pak Crypto Body Linked to Trump-Backed Firm
The world of cryptocurrency has always been shrouded in controversy, but recent events have put Pakistan and Bitcoin in the spotlight for all the wrong reasons. The CEO of Pakistan Crypto Council, Bilal bin Saqib, has come forward to claim that both Pakistan and Bitcoin have “suffered from bad PR” and that the country’s image has been misrepresented due to the conflict.
However, this statement comes amidst a Senate inquiry into the deal between the Pakistani cryptocurrency watchdog and World Liberty Financial, a firm with ties to US President Donald Trump. This raises questions about the credibility of Pakistan’s claims and whether they are genuinely trying to whitewash their image or if there’s more to the story.
Pakistan’s Crypto Conundrum
Pakistan has been making headlines in the crypto world for all the wrong reasons. In 2018, the country’s central bank issued a ban on cryptocurrency trading, citing concerns about the potential risks to the country’s financial stability. However, this ban was largely seen as a knee-jerk reaction, as many experts argued that it was based on a lack of understanding of the technology.
Since then, the Pakistani government has been trying to regulate the crypto market, but their efforts have been met with skepticism. The country’s crypto community has been vocal about their concerns, with many accusing the government of being overly restrictive and anti-crypto.
Bitcoin’s PR Problem
Bitcoin, on the other hand, has been struggling with its own PR problems. The cryptocurrency has faced criticism for its high energy consumption, environmental impact, and lack of regulation. Additionally, the rise of altcoins and other cryptocurrencies has led to concerns about the viability of Bitcoin as a long-term investment.
These concerns have been exacerbated by high-profile hacks and scams, which have resulted in the loss of millions of dollars in cryptocurrency. The most recent example is the hack of the popular cryptocurrency exchange, Binance, which resulted in the theft of over $40 million in Bitcoin.
The Connection to World Liberty Financial
The connection between Pakistan and World Liberty Financial is a key factor in this story. World Liberty Financial is a firm that has been backed by US President Donald Trump, and it has a history of controversy surrounding its business dealings.
In 2019, the firm was accused of being involved in a major cryptocurrency scam, which resulted in the loss of millions of dollars for investors. The firm was also accused of being involved in a Ponzi scheme, which involved paying earlier investors with funds from later investors.
The Senate Inquiry
The Senate inquiry into the deal between the Pakistani cryptocurrency watchdog and World Liberty Financial is a significant development in this story. The inquiry is seeking to determine whether the deal was legitimate and whether it was in the best interests of the Pakistani people.
The inquiry has been met with resistance from the Pakistani government, which has claimed that the deal was legitimate and that it was necessary to regulate the crypto market. However, many experts have raised concerns about the deal, citing the firm’s history of controversy and the lack of transparency surrounding the deal.
Conclusion
Pakistan and Bitcoin have both suffered from bad PR in recent years, and the connection between the two countries’ crypto industries and World Liberty Financial is a key factor in this story. While the Pakistani government may be trying to whitewash their image, the truth is that both countries have a lot to answer for when it comes to their handling of cryptocurrency.
As the Senate inquiry continues, it will be interesting to see what comes to light and whether Pakistan and Bitcoin can recover from their PR problems. One thing is certain, however, and that is that the crypto world will continue to be a wild and unpredictable ride, full of twists and turns that will keep us on our toes.
