Waqar Zaka Advocates Bitcoin Adoption for Pakistan’s Debt Management after Trump’s Bitcoin endorsement

Renowned crypto expert Waqar Zaka has urged the Pakistani government to consider integrating Bitcoin into the nation’s financial strategy to tackle its mounting debt crisis. This call follows former US President Donald Trump’s recent endorsement of Bitcoin at the Bitcoin Conference in Nashville, where Trump vowed to ensure the federal government retains its Bitcoin holdings if re-elected.

Waqar Zaka, speaking exclusively to Samaa Digital, reiterated his long-held belief that Bitcoin could provide a viable solution to Pakistan’s economic challenges. “When Bitcoin was worth $258, I suggested that cryptocurrencies should be kept in reserves like gold to help Pakistan pay off its debts. But I faced criticism,” Zaka shared.

The Economic Affairs Division’s latest report highlighted Pakistan’s significant shortfall in external debt, securing only $9.81 billion in the last fiscal year against a projected $17.61 billion. This shortfall underscores the urgency for innovative financial solutions.

Zaka’s persistent advocacy for Bitcoin culminated in his appointment to Pakistan’s inaugural crypto regulatory body. His efforts were further validated by the Sindh High Court’s 2020 observation, affirming that the State Bank cannot deem cryptocurrencies illegal.

“Pakistan has over 20 million registered crypto accounts, nearly matching the number of traditional bank accounts,” Zaka noted, emphasizing the country’s robust interest in digital assets. This high adoption rate, he believes, can be leveraged to boost the economy.