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The Print
2 hours ago
- Business
- The Print
Why is Pakistan going all out on crypto? There's a Donald Trump angle
Crypto is already widely popular in Pakistan, with around 20 million users —far more than the 420,000 people who invest in the capital market—placing the country among the global top 10 for crypto trading. In a surprising move, in late April, Pakistan partnered with World Liberty Financial (WLF), a company linked to the US President Donald Trump's family. WLF has promised to help Pakistan develop blockchain tools, tokenise assets, and provide crypto industry guidance. However, details of the deal remain vague. New Delhi: As its economy remains in shambles and ever dependent on IMF bailouts, a desperate Pakistan is trying hard to find a new window of growth. And this new life line is coming in the form of cryptocurrency and a company that has links to US President Donald Trump. In February 2025, the government formed a Crypto Council, and on Tuesday, it upgraded this into a full regulatory body called the Pakistan Digital Asset Authority. This new authority will oversee and regulate digital assets like crypto and blockchain-based technologies. The government now aims to regulate and tax the sector, attract foreign investment, and legitimise the ecosystem through the newly formed Pakistan Digital Asset Authority (PDAA), led by Bilal Bin Saqib—a Forbes 30 Under 30 and MBE awardee. Pakistani-British entrepreneur Saqib's appointment signals Pakistan's push to align with global trends. With global crypto exchange platforms like Binance and Stacks showing interest, Pakistan is also allocating power for data centres to support crypto mining and AI. Saqib is tasked with creating a FATF-compliant crypto framework, launching Bitcoin mining, regulating it, and integrating blockchain into governance and finance. However, questions are being raised about policymaking and governmental control. Hussain Nadeem, a policy strategist and Pakistani AI expert, posed a few questions to Bilal Bin Saqib, who earlier headed the Pakistan Crypto Council and will now lead the PDAA. In a long post on X, he asked if there was a white paper on crypto advancement in Pakistan, how much of governmental/army control there would be and whether there were public discussions on policymaking in crypto post the tie-up with Trump's company. Nadeem's questions point toward larger policy hiccups. Industry experts, however, are confident of the prospects of crypto in Pakistan. 'The founders of WLFI recently visited Pakistan and expressed strong interest in supporting our crypto ecosystem. With their stablecoin valued at over $2 billion, WLFI is a significant global player. While the details of our collaboration will be announced soon, possibly at the upcoming Bitcoin Vegas Conference, their visit alone signals growing international confidence in Pakistan's crypto ambitions,' Ali Farid Khwaja, chairman at KTrade Securities and a domain expert, told ThePrint. Geopolitical concerns There are also geopolitical implications. An article from The Economist's May edition pointed out that many in India interpreted the US-Pakistan crypto deal as Pakistan's way to win Trump's favour, which perhaps even led to Trump declaring the ceasefire. In late April, Texas-based logistics firm Fr8Tech made headlines by pledging up to $20 million to buy $TRUMP, a cryptocurrency launched by Donald Trump. The firm, linked to World Liberty Finance, also promised to help Pakistan develop blockchain products and provide crypto industry advice—raising eyebrows globally. Meanwhile, the Trump family's deep ties to crypto via promotion, regulation, and investor perks like exclusive dinners are drawing the industry into US politics. While this gives crypto unprecedented visibility, critics in The Economist article, warn that its association with a partisan figure could ultimately harm its broader legitimacy. Nadeem too, in his criticism, compared the new crypto push to the Pakistan Army's involvement in Special Investment Facilitation Council, which is a federal body under the Pakistan government but one that is effectively run by the Pakistan military, including 36 active military officers. Established in 2023, under Prime Minister Shehbaz Sharif, SIFC aims to increase foreign investment and ease business but heavy military presence in the council has sparked concerns over civilian-military power balance. Calling it a 'great disservice to the country', Nadeem said 'Crypto is the new SIFC' 'The way this regime is approaching Crypto, it has unfortunately become a new con that has politics, not public good, as an end goal…. The regime has only ONE interest in Crypto: Access to the Trump White House, and sadly this hype is all about that, nothing more,' he wrote on X. Even Indian analysts are issuing words of caution. Pakistan's growing crypto adoption highlights a significant shift in the region's digital strategy—one India should closely monitor given the potential geopolitical and economic impacts, distinguished fellow at the Council on Strategic and Defence Research, C Raja Mohan, wrote in a recent column for The Indian Express. Khwaja, however, is hopeful for crypto's prospects in Pakistan and is not worried about governmental control overriding the positive impacts. Since the Crypto Council was announced just three months ago, Pakistan has attracted significant attention from some of the top names in the crypto industry. Binance, World Liberty Finance, crypto billionaire Justin Sun, and Stacks, a New York-based token with a $2 billion market cap, have all publicly announced engagements with Pakistan, he said. 'This surge of inbound interest from major global players is driving investment and prompting the government to actively facilitate regulations, aiming to position Pakistan as both a regional and global leader in crypto,' Khwaja said. He also added that, unlike before, when interest was often met with scepticism, the government is embracing these opportunities. 'It's not about trying to force development; companies are coming forward saying, 'We want to invest,' and Pakistan is responding. Similarly, in the US, President Trump has expressed a strong desire for the country to lead globally in this space, reflecting how quickly things are evolving worldwide,' he added. (Edited by Theres Sudeep)
The Print
3 hours ago
- Health
- The Print
TDP-led government privatising medical colleges in Andhra Pradesh: YSRCP leader V Rajini
Though 17 medical colleges were announced, Rajini said that only five were completed while colleges envisaged under phase II at Paderu, Pulivendula, Markapuram, Adoni, and Madanapalle were stalled. Rajini noted that during COVID-19 pandemic, former chief minister YS Jagan Mohan Reddy had initiated the construction of 17 medical colleges at a cost of Rs 8,500 crore with world class facilities akin to modern corporate hospitals for free healthcare and education. Amaravati, May 29 (PTI) YSRCP leader and former health minister V Rajani on Thursday said the TDP-led NDA government was 'privatising' medical colleges and termed it an 'institutional betrayal'. 'Each medical college, built at a cost of Rs 500 crore on 50 acres of prime land valued at over Rs 2 crore per acre, is being leased at Rs 100 per acre annually, totalling Rs 5,000 per college,' said Rajani addressing a press conference. She said these colleges were designed for local access to advance healthcare. Rajani alleged that public assets worth over Rs 8,000 crore are being handed over to private players for about Rs 5,000 annually, undermining decades of public healthcare investment. She said the government allegedly used audit firm KPMG's 'biased report' to justify the 'transfer of institutions' to corporate control, which could deprive medical education for the underprivileged sections and free super-specialty healthcare. Rajani accused the coalition government of dismantling several health schemes launched by the erstwhile YSRCP government which offered access to free healthcare and essential support. She alleged welfare, farming, and industrial systems are in crisis, while 'false promises' like iconic towers at Amaravati will only benefit a few and ignore public needs. There was no immediate reaction from the ruling TDP on Rajani's allegations. PTI MS STH SKY SKY This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
3 hours ago
- Science
- The Print
Hindu Kush Himalaya could lose 75 pc of ice by century's end under current climate policies: Study
In comparison, the study found that only about one-quarter of glacier ice globally will be left if the world warms by 2.7 degrees Celsius by the end of this century, the path the world is on if today's climate policies continue. If countries can limit warming to 1.5 degrees Celsius above pre-industrial levels, the study published in the journal Science said 40-45 per cent of glacier ice in the Himalayas and the Caucasus would be preserved. New Delhi, May 29 (PTI) The Hindu Kush Himalaya, where glaciers feed rivers supporting two billion people, could lose up to 75 per cent of its ice by the end of the century if global temperatures rise by 2 degrees Celsius, according to a new study. Glacier regions most important to human communities, such as the European Alps, the Rockies of the western US and Canada, and Iceland, would be especially hard hit, it said. These regions could lose nearly all their ice at 2 degrees Celsius, with only 10-15 per cent of their 2020 levels remaining. Scandinavia could face an even grimmer future, with no glacier ice left at all at this level of warming. The study highlighted that limiting warming to 1.5 degrees Celsius, a target set by the 2015 Paris Agreement, would help preserve some glacier ice in all regions. It predicted that 54 per cent of present-day glacier ice would remain globally and 20-30 per cent in the four most sensitive regions, if this goal is met. These findings come as global attention turns to the melting of glaciers and its impact, with world leaders gathering in Dushanbe, Tajikistan, for the first UN conference on glaciers starting Friday. Over 50 countries are attending, including 30 at the ministerial level or higher. Speaking in Dushanbe, Asian Development Bank Vice-President Yingming Yang said, 'Melting glaciers threaten lives on an unprecedented scale, including the livelihoods of more than 2 billion people in Asia. Switching to clean energy to cut the release of planet-warming emissions remains the most effective way of slowing glacial melt.' 'At the same time, it is essential to mobilize financing to help the most vulnerable adapt to a future of more floods, droughts, and rising sea levels across Asia and the Pacific,' he added. To get these results, a team of 21 scientists from 10 countries used eight glacier models to calculate the potential ice loss of the more than 200,000 glaciers worldwide, under a wide range of global temperature scenarios. For each scenario, they assumed that temperatures would remain constant for thousands of years. In all scenarios, the glaciers lose mass rapidly over decades and then continue to melt at a slower pace for centuries, even without further warming. This means they will feel the impact of today's heat for a long time before settling into a new balance as they retreat to higher altitudes. 'Our study makes it painfully clear that every fraction of a degree matters,' says co-lead author Dr Harry Zekollari from the Vrije Universiteit Brussel. 'The choices we make today will resonate for centuries, determining how much of our glaciers can be preserved.' PTI GVS GVS KVK KVK This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
3 hours ago
- Politics
- The Print
‘Dangerous step towards lawlessness, jungle raj': Gogoi slams Assam govt decision on arms licences
Chief Minister Sarma said on Wednesday that the Assam government will give arms licences to indigenous people living in 'vulnerable and remote' areas for instilling a sense of security in them. Gogoi said Chief Minister Himanta Biswa Sarma must reverse the decision immediately and focus on restoring public trust through responsible leadership. New Delhi, May 29 (PTI) Assam Congress chief Gaurav Gogoi on Thursday condemned the state government's decision to give arms licences to indigenous people, saying this is not governance but a 'dangerous step' backwards towards 'lawlessness and jungle raj'. In a post on X, Gogoi said, 'I strongly condemn Chief Minister Himanta Biswa Sarma's decision to distribute arms to civilians in border regions of the state.' People of Assam deserve jobs, affordable healthcare, quality education, not guns, he said. 'Instead of strengthening police and border forces, the government is intent on distributing arms amongst BJP-RSS sympathisers and local criminal syndicates. This will lead to gang violence and crimes based on personal vendettas. Local businessmen and traders are bound to be harassed,' he said. 'This is not governance, this is a dangerous step backwards towards lawlessness and jungle raj,' Gogoi said. 'This decision reflects not public concern, but electoral concerns. The Chief Minister must reverse it immediately and focus on restoring public trust through responsible leadership,' he said. Addressing a press conference in Guwahati, CM Sarma had said the decision was taken at a meeting of the state cabinet after reviewing the 'demand' of the people living in these areas. 'Assam is a very different and sensitive state. Assamese people living in some areas have been feeling insecure and they have been demanding arms licences for a long time,' he had said. In the backdrop of recent developments in Bangladesh and the state government's recent drive against suspected foreigners, the indigenous people in such areas feel that they might be attacked, Sarma had said. 'The government will be lenient in giving licences to eligible people, who have to be original inhabitants and must belong to the indigenous community living in vulnerable and remote areas of the state. It will give additional courage to them,' he had said. PTI ASK KVK KVK This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
3 hours ago
- Politics
- The Print
UP: IRS officer injured after colleague attacks him at Income Tax Office in Lucknow
The officer, Gaurav Garg, was injured and was taken to the civil hospital for treatment. The nature of his injuries was yet to be officially confirmed, police said. The incident occurred around 3 pm at the Income Tax office in the Hazratganj area, they said. Lucknow, May 29 (PTI) An Indian Revenue Service (IRS) officer was injured after he was allegedly attacked by a colleague from the Income Tax Department during an argument at the office here on Thursday, police said. Deputy Commissioner of Police (Central Lucknow) Ashish Shrivastava said Garg informed the Hazratganj police station about the attack, following which local police arrived at the scene and facilitated his medical care. He is reported to be out of danger and further legal proceedings are underway, the DCP said. Meanwhile, Samajwadi Party president Akhilesh Yadav took a dig at the BJP-led state government over the incident. In a post on X in Hindi he said, 'Till now in the BJP government, it was police versus police, now it is officer versus officer. A case has come to light in Lucknow where an IRS officer was held hostage and beaten up by an income tax officer.' 'This should be investigated and it should be found out why such an incident happened with the husband of an IPS officer and who all are linked to it,' Yadav added. In the post he also referred to Garg's wife, Raveena Tyagi, who is an IPS officer posted in Lucknow. PTI KIS OZ SKY SKY This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
