The deal is being viewed with growing scrutiny in Delhi and Washington alike for two main reasons: Its coincidence with the escalating India-Pakistan crisis and because of the unusual cast of characters involved in brokering the agreement
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A cryptocurrency venture tied to US President Donald Trump’s family has entered into a high-profile agreement with Pakistan’s Crypto Council, sparking controversy over its timing and potential implications amid heightened military tensions in South Asia.
World Liberty Financial (WLF), a blockchain investment firm in which Trump’s sons Eric and Donald Jr reportedly hold a 60 per cent stake, signed a letter of intent with the Pakistan Crypto Council in late April.
The announcement was made just days before the Pahalgam terror attack in Indian-administered Kashmir on April 22, which killed over two dozen civilians. That attack prompted a series of Indian military strikes on Pakistani soil in retaliation.
The deal is being viewed with growing scrutiny in Delhi and Washington alike for two main reasons: Its coincidence with the escalating India-Pakistan crisis and because of the unusual cast of characters involved in brokering the agreement.
Among those who travelled to Islamabad to cement the partnership was Zachary Witkoff, son of Trump’s longtime business associate Steve Witkoff. Witkoff was accompanied by senior WLF executives Zachary Folkman and Chase Herro.
The group held meetings with Pakistan’s Prime Minister Shehbaz Sharif and more significantly, the powerful army chief General Asim Munir. While there is no public record linking the crypto discussions to national security matters, Munir’s personal involvement has triggered speculation in India about whether economic overtures from Trump-linked entities played any role in the Pakistan Army’s posture during the crisis.
The agreement, according to statements from WLF and the Pakistan Crypto Council, aims to promote blockchain integration across Pakistan’s financial systems. This includes plans for stablecoin development, tokenisation of assets, and regulatory sandboxes for pilot projects in decentralised finance.
WLF has denied any political motivations behind its Pakistan outreach. In a press statement, the company said its goal is to support “financial inclusion and digital transformation” in emerging economies. However, the presence of figures so closely tied to the Trump family and the overlapping timeline with Pakistan’s heightened military activity have led some in India to question whether a financial lifeline was being extended in exchange for geopolitical manoeuvring.
The Trump family has not publicly commented on the agreement. Nor has the US State Department, which has so far refrained from taking a position on the partnership.
Meanwhile, Indian media and strategic commentators continue to raise alarms over what they see as an opaque financial alliance with serious political overtones.
With Pakistan’s economy in dire need of foreign capital and its military holding significant sway over domestic and foreign policy, the convergence of financial, political and security interests in this deal may have wider consequences than initially anticipated.
