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Pakistan plans to invest the national Bitcoin reserves into DeFi protocols to generate returns.
According to Gate News bot, Cointelegraph reports that Bilal Bin Sachib, chief advisor of the Pakistan Crypto Assets Committee, revealed that the country intends to deploy its national Bitcoin reserves to Decentralized Finance protocols in the future to obtain additional returns.
The Pakistan Crypto Committee submitted a draft legal framework for national Bitcoin reserves at the beginning of June, receiving support from the Ministry of Finance to expedite approval. The government aims to become a leader among global southern countries in the development of digital assets.
Bilal Bin Sachub was appointed as the chief advisor to the committee this March, responsible for guiding Pakistan in integrating Crypto Assets and blockchain technology into its financial ecosystem. At the same time, Michael Saylor will also serve as an advisor to assist Pakistan in establishing Bitcoin reserves.