Pakistan and Kyrgyzstan have agreed to deepen their collaboration in crypto and blockchain innovations. The two countries also intend to rely on bilateral cooperation in aspects such as blockchain technology and digital finance, according to the report.
The collaboration was agreed at a high-level virtual meeting between Pakistan’s Crypto State and Blockchain Minister Bilal bin Sakib and Fakat Aminov, director of Kyrgyzstan’s National Investment Agency.
During the meeting, both sides held detailed discussions on digital finance, regulatory frameworks, and blockchain innovation. They also discussed the importance of sharing knowledge, expertise and best practices to drive the growth of the digital economy.
Pakistan continues to drive in the crypto industry
According to a local report, Bilal bin Saqib praised Kyrgyzstan’s leadership in digital assets innovation during the meeting and expressed his interest in Pakistan developing a joint regulatory structure. He also said that Pakistan is interested in moving forward with technology as a partner in Kyrgyzstan and is proposing a memorandum of understanding (MOU) to establish formal partnerships in the crypto space.
Pakistan has shown how serious the country is in that respect due to recent developments in Kyrgyzstan, and Pakistan continues to be pushed up to the crypto industry. The country has announced the establishment of a Pakistan Cryptocourse. This is a sector billed to the country’s financial environment of regulation and integration of blockchain technology.
The establishment of the council came after the appointment of Bilal bin Saqib as special advisor to Finance Minister Muhammad Auranzeb. Bin Saqib was subsequently appointed CEO of the Council, and Aurangzeb chaired the Crypto Council.
Meanwhile, both countries reiterated their commitment to creating a safe, transparent digital economy that is ready for the future. This focuses on how collaboration can enhance the integration of blockchain and digital finance in Central and South Asia.
Pakistan extends its impact to Central Asia
This latest development comes after Pakistan’s news agency announced that the two countries have signed several protocols and Mous to boost their trade volume to $100 million and deepen their economic and technical cooperation. The statement came after the fifth session of the Pakistan Inter-Kyrgyzstan Committee (IGC) on Trade, Economics, Science and Technical Cooperation in Islamabad.
“Both sides have reaffirmed their resolve to boost bilateral trade and have set a target to raise trade volumes to US$100 million,” the PID statement said. “They agreed to work on diversifying exports and imports, reviving the Joint Business Council of Pakistan and Kyrgyzstan, and organising business forums, trade fairs and B2B (to-business) exchanges.”
This development comes when Pakistan seeks to leverage its strategic geopolitical position to engage in its role as a key trader and transport hub in the face of an economic recession. The country will connect inland Central Asia with other parts of the world and will engage in visits, investment consultations and surges in economic activity with other Central Asian countries in the past few months.
“The discussion also focuses on improving local connections through logistics and transportation. Both sides agreed to deepen cooperation between postal services, freight and rail transport and civil aviation,” PID said. “The two countries emphasize the importance of strengthening financial cooperation. The central banks of both countries have agreed to cooperate in the development of Islamic banks and financial products, including training programs, through the National Bank of Pakistan Financial Research Institute.”