Pakistan’s demographics position the country as a major catalyst for the adoption of Bitcoin (BTC), allowing developed countries to “spring up and down” according to Pakistan’s Minister of Crypto and Blockchain.
“There have been changes in policy not only in Pakistan, but around the world,” Bin Saqib told Cointelegraph in an exclusive interview. The Pakistani government moved in November 2024 to regulate cryptography.
The country has 40 million crypto wallets, and the minister is one of the “top five” countries in terms of crypto adoption due to Pakistan’s young demographics. He told the Cointelegraph:
“The median age in Pakistan is 20. We have 250 million people and 70% under the age of 30. When Pakistan’s youth become a country, it will be the ninth or 10th most populous country on the planet.”
The median age in Pakistan is about 20.6 years old, positioning it as a relatively young population. sauce: WorldMeter
“Emerging markets are a leaps in adoption of these new technologies,” the minister said. Smaller countries are likely to adopt Bitcoin due to their lighter size, allowing them to the forefront of developed countries. “It’s easier to run a speedboat than a Titanic,” added Bin Saqib.
Related: Pakistan launches cryptographic regulatory bodies for the digital asset sector
Joint partnership with El Salvador for Bitcoin development
Pakistan and El Salvador signed a letter of intent to share education and knowledge on Bitcoin, digital asset infrastructure and energy development in crypto mining, the minister said.
“The cooperation is based on how both the IMF programme, emerging economies, can leverage technology and other financial products to national growth,” he told Cointelegraph.
Pakistani Crypto and Blockchain Minister Bilal bin Saqib is depicted on the left and El Salvador President Naib Bukel is depicted on the right and meet to discuss Bitcoin policy and collaboration. sauce: Bill bin Saudi
Pakistan’s National Cryptocoin Council and other regulatory bodies are seeking opinions on the comprehensive regulatory framework of digital assets, licensing crypto exchanges, developing strategic Bitcoin reserves, launching stubcoin and mining Bitcoin using excess energy, the minister said.
Mining Bitcoin with excess and effluent energy sources
“There’s a very interesting problem in Pakistan. There’s an excess of electricity and you pay the capacity,” the minister told the Cointelegraph.
He said the country has an excess of energy up to 10,000 megawatts (MW). This is a “responsibility” due to the cost of transporting electricity.
Bin Saqib said the country is allocating 2,000 MW to Bitcoin Mining and AI Data Centers. The government is also investigating the possibility of mining BTC with methane and other effluent energy from excess or chained power sources, he added.
magazine: Pakistan will deploy Bitcoin reserves to defi for yields, says Bilal bin Saqib