The president of El Salvador, Nayib Bukele took to his Twitter to announce that 32 central banks and 12 other financial authorities will be meeting at a conference to discuss Bitcoin, digital economies, and financial inclusion among the developing countries.
The conference should house representatives from 44 countries, including those from Latin America, Africa, and Asia. Many developing countries are toying with the idea of adopting Bitcoin as a legal tender, and El Salvador has served as their flagship since the start of the “experiment.”
Indeed, Salvadoran adoption has proven to be fruitful especially when it comes to tourism, which has risen 30% since last year. On the other hand, the World Trade Organization (WTO) and the International Monetary Fund (IMF) are worried about the economic risks this has brought, mostly looking at how unstable digital assets have been these past few months.
The recent market downswing might be the reason other countries are holding off on the decision to adopt the cryptocurrency as their official means of payment. The only country that has followed El Salvador so far, has been the Central African Republic, whose intentions, as many fear, might not have been so pure.
The conference should be taking place tomorrow, with the main focus on “financial inclusion, digital economies, banking the unbanked, the bitcoin rollout and its benefits in [the] country.”
