Pak & Bitcoin Suffer from Bad PR: CEO of Pak Crypto Body Linked to Trump-Backed Firm
Pakistan, a country often marred by conflict and political instability, has been trying to shed its negative image and rebrand itself as a hub for innovation and technology. The latest attempt to do so has come from the CEO of Pakistan Crypto Council, Bilal bin Saqib, who claims that Pakistan and Bitcoin have both suffered from “bad PR.” In an interview with News18, Saqib stated that Pakistan’s image has been “misrepresented” by the media and the public, and that the country is trying to whitewash its reputation by promoting its cryptocurrency industry.
However, Saqib’s remarks come at a time when his organization is facing scrutiny over its deal with World Liberty Financial, a firm backed by US President Donald Trump. The deal, which was announced in February, has raised eyebrows among lawmakers and experts, who are concerned about the potential risks and benefits of the partnership.
Pakistan’s Image Problem
Pakistan has long been plagued by negative publicity, thanks to its troubled history and ongoing conflicts. The country has been a major hub for terrorism, with groups like the Taliban and Al-Qaeda operating within its borders. Additionally, Pakistan’s military has been accused of human rights abuses and supporting extremist groups.
The country’s cryptocurrency industry is also relatively new and unregulated, which has raised concerns about its legitimacy and potential for money laundering and other illicit activities. However, Saqib claims that Pakistan’s crypto industry is a victim of bad PR, and that the country is trying to promote its innovative side.
“Pakistan and Bitcoin have both been victims of bad PR,” Saqib said. “People see us through the lens of conflict, and they don’t understand that we’re trying to do something new and innovative here.”
The World Liberty Financial Deal
Saqib’s remarks come as World Liberty Financial, the firm backed by Trump, is facing a Senate inquiry over its deal with the Pakistan Crypto Council. The deal, which was announced in February, involves World Liberty Financial investing in Pakistan’s cryptocurrency industry and providing technical assistance to the government.
However, many lawmakers and experts have raised concerns about the deal, citing the lack of transparency and accountability in Pakistan’s government. They have also expressed concerns about the potential risks of the deal, including the possibility of money laundering and other illicit activities.
“World Liberty Financial is a firm with a questionable track record, and its deal with the Pakistan Crypto Council raises serious concerns,” said Senator Ron Wyden, a Democrat from Oregon. “We need to make sure that this deal is transparent and accountable, and that it doesn’t put Pakistan’s reputation at risk.”
The Impact on Bitcoin
The controversy surrounding the Pakistan Crypto Council and World Liberty Financial has also raised concerns about the impact on Bitcoin and other cryptocurrencies. With the Pakistani government’s reputation already tarnished by allegations of corruption and human rights abuses, many investors are wary of investing in Pakistan’s cryptocurrency industry.
“The Pakistan Crypto Council is trying to promote Pakistan’s cryptocurrency industry, but the deal with World Liberty Financial raises serious concerns about the country’s reputation,” said Winston Ma, a cryptocurrency expert and author. “If Pakistan’s government is unable to provide transparency and accountability, it could damage the reputation of the country and the cryptocurrency industry as a whole.”
Conclusion
Pakistan’s attempts to rebrand itself as a hub for innovation and technology have been met with skepticism, thanks to its troubled history and ongoing conflicts. The controversy surrounding the Pakistan Crypto Council and World Liberty Financial has raised concerns about the country’s reputation and its ability to promote its cryptocurrency industry.
While Saqib claims that Pakistan and Bitcoin have both suffered from bad PR, the country’s reputation will only improve if it can provide transparency and accountability in its dealings with foreign firms like World Liberty Financial.
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