A crypto deal signed in Pakistan is under the microscope in India. This comes at a time when India is navigating the aftermath of the recent skirmish following the Pahalgam attack. What makes the deal intriguing is the links with US President Donald Trump and the involvement of Pakistani Army Chief Asim Munir.
Officially signing a set of agreements, the Pakistan Crypto Council (PCC) and World Liberty Financial (WLFI) aim to turn Pakistan into a crypto hotspot. The connection between this agreement, the US president’s family, and the presence of Pakistan’s Army Chief Asim Munir raised questions.
Zachary Folkman, Chase Herro, and Zachary Witkoff, the son of Trump’s special envoy Steve Witkoff, made up the US delegation, according to a press statement released by Pakistan’s finance ministry.
The fact that General Asim Munir allegedly helped to enable this high-stakes contract begs more questions. Leading a high-level delegation from the US, Steve Witkoff, son of Trump’s long-time business acquaintance and current US Special Envoy to the Middle East—flew to Islamabad for the signing. According to sources, Gen. Munir personally greeted the team and scheduled a closed-door meeting including Prime Minister Shehbaz Sharif of Pakistan and Munir. It was here, supposedly, that the agreement was finalized.
The deal lets the American company bring blockchain technology into Pakistan’s financial systems, per the joint statement released by World Liberty Financial and the Pakistan Crypto Council. The agreement calls for the tokenization of assets, the building of several stablecoins, and the development of a regulatory sandbox for enterprises using decentralized finance (DeFi). The stated objectives for Pakistan are “financial inclusion and digital transformation.”
The Trump family has not made any remarks regarding the accord. Neither the US State Department, which has so far refrained from endorsing the alliance. Indian media and strategic analysts meanwhile keep alert over what they perceive as an opaque financial relationship with major political overtones. With Pakistan’s military greatly influencing both internal and foreign policy and its economy in great need of foreign cash, the convergence of financial, political, and security interests in this agreement is rather important.
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