El Salvador’s president, Nayib Bukele, tweeted late Sunday that 44 countries will gather in El Salvador on Monday to talk about Bitcoin and other topics. The president of El Salvador recently said that 32 central banks and 12 financial authorities will meet in the country.
“Tomorrow, 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion, digital economy, banking the unbanked, the #Bitcoin rollout and its benefits in our country,”
Nigeria, Egypt, Nepal, Pakistan, Bangladesh, Kenya, Uganda, Rwanda, Paraguay, Angola, Guinea, and Madagascar are among the central banks and authorities from developing countries.
All three (Latin American, African, and Asian) will be represented. According to the agenda, “Financial inclusion, digital economies, banking the unbanked, the Bitcoin rollout and its benefits in our country” are on the list. It’s understandable why officials from these countries want to talk about bitcoin and other cryptocurrencies to see how they may benefit.
To boost their local economies, many developing countries are exploring the use of digital currencies. They’re keeping a careful eye on El Salvador’s experiment to see how it turns out.
El Salvador’s economy is likewise being closely monitored by international financial authorities. The World Trade Organization (WTO) and the International Monetary Fund (IMF) have both issued warnings about economic dangers, and their primary objectives are risk aversion.
The latest slump in the crypto market will only add to those worries. The current market meltdown has had a significant impact on El Salvador, which had purchased a large amount of Bitcoin. Since the crash began, Bitcoin’s price has risen somewhat, with the cryptocurrency briefly crossing the $30,000 level.
El Salvador was the first country to declare Bitcoin legal tender, sparking widespread interest. The Central African Republic was the second country to legalize Bitcoin recently.
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