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, with many countries struggling to regulate and understand the complex world of digital assets. Pakistan, in particular, has been facing a barrage of negative publicity in recent times, with many accusing the country of being a hub for money laundering and terrorist financing. The latest development in this saga is the CEO of Pakistan Crypto Council, Bilal bin Saqib, claiming that his country and Bitcoin are victims of “bad PR”.
In an interview with News18, Saqib stated that Pakistan and Bitcoin have been “misrepresented” by the media and the public, with people seeing the country through the lens of conflict and terrorism. He claimed that this negative perception has led to a decline in interest in Pakistan’s cryptocurrency market, with many investors and businesses shying away from the country due to the bad reputation.
However, Saqib’s claims have been met with skepticism by many, who point to the country’s history of money laundering and terrorist financing as a major contributor to the negative perception. The Pakistan Crypto Council has been accused of being weak on regulation and enforcement, with many experts warning that the country’s lack of oversight could lead to widespread misuse of cryptocurrency.
But Saqib’s comments come at a particularly sensitive time for the Pakistan Crypto Council, as it has been embroiled in a controversy surrounding its deal with World Liberty Financial, a company backed by US President Donald Trump. The deal, which saw the Pakistan Crypto Council partner with World Liberty Financial to promote cryptocurrency adoption in Pakistan, has been criticized by many as a clear case of conflict of interest.
The controversy surrounding World Liberty Financial has led to a Senate inquiry in the US, with lawmakers questioning the company’s ties to the Trump administration and its potential impact on the crypto market. Saqib’s comments have only added fuel to the fire, with many accusing him of trying to whitewash Pakistan’s image and downplay the country’s involvement in illegal activities.
The deal between the Pakistan Crypto Council and World Liberty Financial was announced in January, with Saqib stating that the partnership would help to “promote the growth of cryptocurrency in Pakistan” and “increase financial inclusion” for the country’s citizens. However, the deal has been met with widespread criticism, with many accusing the Pakistan Crypto Council of being in bed with a company that has questionable ties to the Trump administration.
World Liberty Financial has been accused of using its connections to the Trump administration to further its own interests, and many have raised concerns about the company’s lack of transparency and accountability. The Senate inquiry has been ongoing for several weeks, with lawmakers questioning the company’s CEO, Brian P. Hickey, about its ties to the Trump administration and its potential impact on the crypto market.
In light of these developments, Saqib’s comments about Pakistan and Bitcoin being victims of “bad PR” seem particularly tone-deaf. Rather than addressing the real issues surrounding the country’s involvement in cryptocurrency, Saqib has chosen to deflect attention and blame the media and the public for the negative perception.
It remains to be seen whether Saqib’s comments will have any impact on the controversy surrounding the Pakistan Crypto Council and World Liberty Financial. However, one thing is clear: the country’s reputation in the world of cryptocurrency is in tatters, and it will take more than just a few PR spin doctors to fix it.
