Title: Pak & Bitcoin suffer from bad PR: CEO of Pak crypto body linked to Trump-backed firm
The world of cryptocurrency has been plagued by controversy and bad publicity, and Pakistan and Bitcoin are no exception. Pakistan’s Crypto Council CEO, Bilal bin Saqib, recently made headlines by stating that his country and Bitcoin have “suffered from bad PR” due to misrepresentation. This comes as a surprise, given the tumultuous relationship between Pakistan and the international community, particularly in the wake of terrorist attacks and political instability.
The statement was made in the context of a Senate inquiry in the United States, which is investigating a deal between World Liberty Financial, a Trump-backed firm, and Pakistan’s cryptocurrency watchdog. World Liberty Financial has been accused of using its connections to influence Pakistani regulations and gain an unfair advantage in the market.
Pakistan and Bitcoin have long been entangled in a web of controversy, with many experts questioning the country’s ability to regulate the rapidly growing industry. The government has been accused of allowing unregistered exchanges to operate freely, which has led to concerns about money laundering and terrorist financing.
The CEO of the Pakistan Crypto Council, Bilal bin Saqib, believes that Pakistan’s image has been misrepresented, and that the country is being viewed through the lens of conflict. He claims that Pakistan is a victim of bad PR, and that the country’s true potential is being overshadowed by negative publicity.
However, experts are skeptical of Saqib’s claims, pointing out that Pakistan’s reputation has been marred by corruption, political instability, and human rights abuses. The country’s poor human rights record, particularly with regards to religious minorities, has been a major concern for many countries and international organizations.
The controversy surrounding Pakistan and Bitcoin is not new. In 2019, the country’s central bank, the State Bank of Pakistan, banned commercial banks from dealing with cryptocurrencies, citing concerns about financial stability and consumer protection. However, the ban has been largely ineffective, and many unregistered exchanges continue to operate freely.
The relationship between Pakistan and World Liberty Financial has also come under scrutiny. World Liberty Financial is a US-based firm that has been accused of using its connections to influence Pakistani regulations and gain an unfair advantage in the market. The firm’s CEO, Michael Kahn, has been a vocal supporter of Trump’s economic policies, and has been accused of using his connections to promote his own interests.
The Senate inquiry into the deal between World Liberty Financial and Pakistan’s cryptocurrency watchdog is ongoing, and is expected to shed more light on the complex web of relationships between the two parties. The inquiry has raised concerns about the potential for corruption and conflict of interest, and has sparked calls for greater transparency and accountability in the industry.
In conclusion, Pakistan and Bitcoin are both victims of bad PR, but the reasons for this are complex and multifaceted. While Pakistan’s poor human rights record and political instability have contributed to the country’s negative image, the country’s ability to regulate the cryptocurrency industry has also been called into question.
The controversy surrounding World Liberty Financial and its deal with Pakistan’s cryptocurrency watchdog has raised concerns about the potential for corruption and conflict of interest, and has sparked calls for greater transparency and accountability in the industry.
It remains to be seen how the situation will unfold, but one thing is clear: Pakistan and Bitcoin are both in need of a major overhaul if they are to regain the trust of the international community.
