After buying the plunge and adding 500 BTC to the state coffers, El Salvador President Nayib Bukele has another surprise up his sleeve. The country is holding an international conference of central bank representatives today, Bukele announced less than 24 hours before the event.
Central Banks’ Conference of El Salvador
El Salvador President Nayib Bukele said in a tweet on Sunday evening that El Salvador will host an international bitcoin event on Monday where 44 central banks and major financial institutions have been invited.
Tomorrow, 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion, the digital economy, the unbanked. #bitcoin Rollout and its benefits in our country.
— nayibbukele (@nayibbukele) 16 May 2022
It is believed that official representatives of these countries will discuss El Salvador’s bitcoin adoption and its benefits around three key areas – financial inclusion, the digital economy and banking without banking.
Central banks and financial institutions of Egypt, Bangladesh, Nigeria, Sao Tome, Pakistan, Nepal, Kenya, Paraguay, Angola, Ghana, Namibia, Uganda, Guinea, Madagascar, Haiti, Burundi, Eswatini, Jordan, Gambia, Maldives, Rwanda, Costa Bukele said in a follow-up tweet, Rica, El Salvador, will attend the event, among others.
Significance of Bukele’s Bitcoin Conference
Bukele’s decision to organize an international bitcoin conference to invite government representatives from around 50 countries assumes significance given the critical opinion of central banks and international financial organizations.
For example, the IMF urged El Salvador to delist bitcoin as legal tender in January this year, citing it as a threat to market integrity, financial stability and consumer protection. As expected, the El Salvador government rejected the demand.
A US bill passed by a Senate committee in February this year calls for relevant departments to study El Salvador’s adoption of bitcoin and report to Congress how it affects US interests abroad, including the US dollar’s reserve currency status. does, cryptopotato Reported in April 2022.
“El Salvador’s adoption of bitcoin is not a thoughtful embrace of innovation, but a reckless gamble that is destabilizing the country,” says the Senate Accountability for Cryptocurrency in El Salvador Act (ACES).
Bukele’s Missed Bitcoin 2022 Address
El Salvador is hosting an international conference on bitcoin adoption and other related topics, which comes in the wake of their failure to address the Miami Bitcoin 2022 event in early April. He had to cancel his trip in view of the gang crimes and murders that rocked the country in late March 2022. This prompted him to impose a state of emergency which suspended many constitutional rights of citizens.
Bukele announced his country’s plan to make bitcoin legal tender during the Miami Bitcoin 2021 conference. This year, he is expected to present a progress report on the adoption of BTC as legal tender and El Salvador’s $1 billion bitcoin bond.
During the current volatility in the market, El Salvador bought the fall and added 500 BTC to the exchequer, bringing the total number of BTC to 2,301, which is approximately $71 million at the current market cap.
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