Pakistan forms ties with Kyrgyzstan to collaborate on crypto and blockchain innovation

Pakistan and Kyrgyzstan have agreed to deepen collaboration in crypto and blockchain innovation. According to reports, both countries also intend to depend on bilateral cooperation in aspects like blockchain technology and digital finance.

The collaboration was agreed at a high-level virtual meeting between Bilal Bin Saqib, the Minister of State for Crypto and Blockchain in Pakistan, and Farkhat 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 foster the growth of their digital economies.

Pakistan continues its push in the crypto industry

According to local reports, Bilal Bin Saqib commended Kyrgyzstan’s leadership in digital assets innovation during the meeting, expressing Pakistan’s interest in developing a joint regulatory structure with them. He also noted that Pakistan is interested in advancing technology with Kyrgyzstan as its partners, proposing a Memorandum of Understanding (MoU) to establish a formal partnership in the crypto space.

Pakistan has continued to make its push into the crypto industry, with the recent development in Kyrgyzstan showing how serious the country is in that regard. The country announced the formation of its Pakistan Crypto Council, a division that was charged with regulating and integrating blockchain technology into the country’s financial landscape.

The formation of the Council came after the appointment of Bilal Bin Saqib as special adviser to Finance Minister Muhammed Aurangzeb. Bin Saqib was subsequently appointed as the CEO of the Council, with Aurangzeb acting as the chairman of the Crypto Council.

Meanwhile, both countries have reiterated their commitment to building a secure, transparent, and digital economy that is ready for the future, noting that the collaboration could enhance blockchain and digital finance integration across Central and South Asia.

Pakistan extends its impact into Central Asia

This latest development comes after the Press Information Department of Pakistan announced that both countries had signed several protocols and MoUs to deepen economic and technical cooperation, taking the bilateral trade volume to $100 million. The statement came after the 5th session of the Pakistan-Kyrgyzstan Inter-Governmental Commission (IGC) on Trade, Economic, Scientific, and Technical Cooperation in Islamabad.

“The two sides reaffirmed their resolve to boost bilateral trade, setting a target to raise trade volume to USD 100 million,” the PID statement said. “They agreed to work on diversification of exports and imports, revive the Pakistan-Kyrgyz Joint Business Council, and organize business forums, trade fairs, and B2B (business-to-business) exchanges.”

The development comes at a time when Pakistan is trying to leverage its strategic geopolitical position to engage in its role as an important trader and transit hub in the face of economic downturn. The country intends to connect the landlocked Central Asia with the rest of the world, engaging in a flurry of visits, investment talks, and economic activities with other Central Asian nations in the last few months.

“Discussions also focused on enhancing regional connectivity through logistics and transportation. Both sides agreed to deepen cooperation in postal services, cargo and rail transport, and civil aviation,” the PID said. “Both countries underscored the importance of strengthening financial cooperation. The central banks of both countries agreed to collaborate on the development of Islamic banking and financial instruments, including training programs through Pakistan’s National Institute of Banking and Finance.”