- By Supratik Das
- Fri, 16 May 2025 08:08 AM (IST)
- Source:JND
A high-stakes cryptocurrency deal between a private US-based fintech firm and Pakistan's newly established Crypto Council is under close scrutiny in both the US and India. According to a report by the Times of India, World Liberty Financial (WLF) is linked to US President Donald Trump’s family, creating geopolitical and financial issues amid the rising tension between the two nuclear-armed neighbours.
According to a report by the Times of India, the fintech company, World Liberty Financial, is said to have a 60 per cent stake held by Eric Trump, Donald Trump Jr., and Jared Kushner. The trio has been actively exploring international ventures, and their involvement in the Pakistani blockchain deal is being seen by strategic experts as an opaque financial move with political overtones. WLF entered into a deal in April with the Pakistan Crypto Council which was hardly a month old at the time of the signing. The Council also recruited Binance founder Changpeng Zhao (CZ) as its adviser, likely in a bid to lend global credibility to the initiative. Notably, Binance is currently the world’s largest cryptocurrency exchange by daily trading volume. At its launch event, the Pakistan Crypto Council announced its aim to make Islamabad the "crypto capital of South Asia."
Asim Munir's Involvement Sparks Worries
According to the Times of India report Pakistan Army Chief General Asim Munir is directly involved in the deal. Zachary Witkoff, the son of real estate tycoon and Trump confidant Steve Witkoff, led a delegation to Islamabad, where General Munir and Prime Minister Shehbaz Sharif personally welcomed them in closed door meeting. Asim Munir's direct involvement has raised questions over whether the deal has any significance to Pakistan's national security, though none is evident yet.
Integrating Blockchain Into Pakistan's Financial Infrastructure
According to the Times of India, in a statement released jointly by the Pakistan Crypto Council and World Liberty Financial, the agreement provides WLF the opportunity to implement blockchain infrastructure in Pakistan's financial systems. The agreement features terms for:
• Asset tokenisation
• Stablecoins development
• DeFi pilot projects
• Development of regulatory sandboxes
The stated objective, according to the release, is to boost “financial inclusion and digital transformation” across Pakistan’s economic ecosystem.
Also read: Did China Back Pakistan Army Amid India’s Operation Sindoor? Here’s What Beijing Says
The signing was only a few days before the terror attack in Jammu and Kashmir's Pahalgam. As per the Times of India, there is growing concern in strategic circles in New Delhi that this crypto alliance may have deeper implications beyond finance, potentially serving as a backchannel for political or military coordination. According to a Firstpost report, Indian strategic analysts have termed the deal an "opaque financial alliance with serious political overtones," cautioning that this may be the start of greater cross-border influence through unregulated financial technologies. With heightened scrutiny over the deal after the Pahalgam terror attack, World Liberty Financial issued a press note saying the are "no political motives" behind the agreement. President Trump's family, as well as the White House, have remained silent over the issue so far.