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Pakistan and El Salvador join hands to establish a Crypto Assets knowledge-sharing partnership.
On July 17, according to reports, Pakistan and El Salvador are establishing a knowledge-sharing partnership based on Crypto Assets. Pakistan's Special Assistant to the Prime Minister on Crypto Assets and Blockchain, Bilal Ben Saqib, met with El Salvador's President Nayib Bukele in San Salvador to outline the Crypto Assets-focused partnership.
Pakistan is considering establishing Bitcoin reserves and has allocated 2000 megawatts of electricity for Bitcoin mining. The federal government of Pakistan has also established the Pakistan Virtual Assets Regulatory Authority (PVARA), which is responsible for regulating the country's digital asset industry. PVARA will act as an independent regulatory body, responsible for issuing licenses to virtual asset service providers, conducting supervision and management, while ensuring compliance with international standards, including adherence to the Financial Action Task Force (FATF) guidelines.