El Salvador has brought together representatives from central banks and financial authorities from 44 countries to discuss the adoption of Bitcoin.
On his Twitter account, the president of El Salvador, Nayib Bukele, had announced that this Monday, May 16, the country would host one of the most important meetings for the cryptocurrency industry.
During the meeting, with representatives of 32 central banks and 12 financial authoritiesVarious topics would be discussed, including the adoption and innovation of the world's most important cryptocurrency: Bitcoin and the path towards financial inclusion and banking through the new digital economy.
Among the topics to be discussed will be the Lightning Network, the second-layer network that drives Bitcoin's scalability and has enormous potential for instant payments.
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Bukele said that the meeting, which ends next Thursday, the 19th, will be attended by financial representatives from several developing countries in Latin America, such as Paraguay, Honduras, Costa Rica, Ecuador, the Dominican Republic and, of course, the host country.
Representatives from the central banks of Swaziland, Angola, Ghana, Namibia, Uganda, Madagascar, Burundi, Kenya, Egypt, Nigeria, Senegal, Congo, Rwanda and Mauritania will be present from Africa. Representatives from Asia and the Middle East will be from the Maldives, Nepal, Pakistan, Bangladesh, Jordan and Armenia, while representatives from the Bank of the Republic of Haiti will attend the meeting from the Caribbean.
This important meeting, organized by the Alliance for Financial Inclusion (AFI), is an exceptional opportunity to plant the seed of Bitcoin in 44 countries, said the Salvadoran president.
Bitcoin adoption in El Salvador and other parts of the world
El Salvador became the first nation in the world to make Bitcoin its legal tender. Last September 2021, a bill came into effect allowing its citizens to openly use the cryptocurrency in the country.
Although the use of Bitcoin as a means of payment in El Salvador has slowed in recent months, according to Bloomberg reports, Bukele is confident that Bitcoin is here to stay and that its adoption will continue to increase in the coming years, motivated by the potential and innovation offered by this cryptocurrency and blockchain technology.
Another country that has followed in El Salvador's footsteps in its adaptation to new digital economies has been the Central African Republic, which, 8 months after El Salvador's Bitcoin Law came into effect, has regulated and adopted the cryptocurrency. The president of the Central African Republic He called Bitcoin “the universal money”, after confirming that the cryptocurrency is legal tender in the country.
From other Latin American nations, several cities and jurisdictions, such as Próspera (Honduras) and Rio de Janeiro (Brazil), are officially adopting the use of BTC as a means of payment; they even plan to accept the cryptocurrency in the payment of taxes and fiscal obligations.
The Panamanian lawmakers are also considering a bill which could make this Central American country the third nation to give legal tender to Bitcoin worldwide.
Bitcoin for the benefit of global economies
In the last 13 years, Bitcoin has been driving financial inclusion and economic growth with its promise of an alternative financial system without intermediaries, where users can once again be the owners of their own money. Furthermore, due to its scarcity and limited issuance, this cryptocurrency has great potential for long-term appreciation, despite its marked volatility in the market.
As Bit2Me News reported yesterday, although the price of Bitcoin is trading 57% below its all-time high, 1.000 BTC that were moved by a Bitcoin whale, which woke up after 8 years of inactivity, appreciated more than 6.400% in this time. Thus, despite the ups and downs, Bitcoin has a lot to offer.
From the official Twitter account of the Bitcoin Beach community, they tweeted a map with the countries that are attending the meeting in El Salvador and that could become the next centers of technological development and innovation if they were to adopt and implement Bitcoin as legal tender on a national scale.
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