The nation of El Salvador – despite a recent drop in the price – still loves bitcoin, and the country is working hard to spread its message of bitcoin love to other nations that will listen. The Central American region is now hosting an event that will see representatives of 44 other countries flying out to El Salvador to discuss crypto and its potential benefits.
El Salvador Is Still Backing Bitcoin
The idea is to help these countries declare bitcoin legal tender and utilize it in the same way El Salvador has. Some of the nations set to be in attendance will be from Africa, while others will be from Asia and Latin America, all of which are eager to implement their own digital economies.
Nayib Bukele – the nation’s president – recently took to Twitter to share with the world all the leaders who are set to be joining him on his native turf. Among them will be representatives of both Nigeria and Egypt, two of the biggest nations on the African continent. Bukele wrote:
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.
Thus far, El Salvador is only one of two nations that have placed the utmost faith in bitcoin. El Salvador became the first country to declare bitcoin legal tender back in September of 2021. Last month, the second country to do so was the Central African Republic (CAR). The idea to adopt bitcoin as legal tender in El Salvador came after the country – which up to last year was heavily reliant on USD – sought to relieve itself of these ties and avoid the risk of inflation which was ever present in the United States.
At the time of writing, the country holds approximately 2,301 bitcoins (worth just over $70 million).
Discussing why CAR decided to follow in the Central American nation’s footsteps, Gourna Zacko – the minister of the digital economy for the Central African Republic – explained in an interview:
With cryptocurrency, there is no more control of the Central Bank. You have your money, you send an investor for a business, you receive it in any currency, you can dispose of it in dollars, euros, CFA, or Naira.
There’s Been Some Barricades to Overcome
El Salvador has experienced a lot of animosity since it implemented its bitcoin agenda. The country faced heavy opposition from the World Bank, which made it clear it had no intention of aiding the nation given that bitcoin was too volatile and too vulnerable to price swings to be taken seriously.
In addition, the International Monetary Fund (IMF) has practically gotten down on its knees and begged El Salvador to rescind all love and respect for bitcoin, though the country has declined.