Pakistan Hosts Trump Family-Backed Crypto Firm for Blockchain Innovation
Pakistan has hosted executives from World Liberty Financial, a cryptocurrency firm majority-owned by the Trump family. The DeFi platform, 60% owned by a Trump family entity, signed a letter of intent with the Pakistan Crypto Council to accelerate blockchain innovation and stablecoin adoption across the country. The agreement was signed during high-level meetings where World Liberty executives met with Pakistan’s Prime Minister Shehbaz Sharif and Army Chief General Asim Munir.
The Pakistan Crypto Council, backed by World Liberty and Binance founder Changpeng Zhao, aims to establish the country as the "crypto capital of South Asia." The council has criticized India’s 30% tax on crypto trades, suggesting Pakistan will take a more liberal approach. "We’ve seen this mistake before. India putting 30% tax on their crypto trades drastically reduced the exchange volume, our approach will be different," Council chief Bin Sagib told Bloomberg.
The Trump connection to World Liberty is substantial. An entity called DT Marks DEFI LLC owns approximately 60% of the holding company and is entitled to 75% of certain revenues from coin sales. President Trump serves as "Chief Crypto Advocate," while sons Eric and Donald Jr. hold the title of "Web3 Ambassador" and youngest son Barron is listed as "DeFi Visionary."
The company raised approximately $300 million in October 2024 by selling tokens and plans to launch a stablecoin called USD1.
Deal Signed Amid Regional Tensions
The timing of the deal is crucial, coming just five days after terrorists attacked tourists in Pahalgam, killing 26 and sparking a sharp escalation in India-Pakistan tensions. India has said two of the three attackers were Pakistani, while Pakistan has denied any involvement.
Indian policy advisers have expressed concerns that cost-effective exchanges in Pakistan could shift trading activity away from India, potentially creating national security risks if Indian financial data falls into Pakistani hands.
The New York Times has raised questions about potential conflicts between Trump’s policy pronouncements and his crypto business interests, noting that the firm has "erased centuries-old presidential norms, eviscerating the boundary between private enterprise and government policy."
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Reference : https://timesofindia.indiatimes.com/technology/tech-news/pakistan-woos-trump-family-with-crypto-tie-up-calls-indias-approach-mistake-we-have-seen-this-/articleshow/120758299.cms
