Representatives From 44 Countries Attended the Bitcoin Conference in El Salvador

Written by C, Fiona

Last updated: 2022-05-18

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The president of El Salvador announced that 32 central banks and 12 financial authorities would meet in the country to discuss Bitcoin.

President Nayib Bukele announced on twitter that the meeting of 44 countries will focus on financial inclusiveness, digital economy and other aspects.Countries include countries from Latin America, Africa and Asia. The meeting will focus on “financial inclusiveness, digital economy, banking without banking, the promotion of Bitcoin and its benefits in China”.

It is clear why officials in these countries want to discuss other aspects of Bitcoin and cryptocurrency to see how they can gain an advantage. El Salvador was the first country to make Bitcoin legal tender, which aroused the interest of other countries. The Central African Republic recently became the second country to legalize cryptocurrencies.

Many developing countries are considering cooperation with digital currencies to improve their local economies. They are watching El Salvador closely to see how its experiment is carried out.
The global financial authorities are also paying close attention to El Salvador’s economy. The World Trade Organization (WTO) and the International Monetary Fund (IMF) have warned of economic risks, and their interests are mainly related to risk avoidance.

The recent decline in the market will only further raise these concerns. El Salvador has been severely affected by the recent market slump, as the country has purchased a large number of Bitcoins.
Bitcoin has rebounded somewhat since the bloodshed first occurred, and cryptocurrency has briefly crossed the $30000 mark. There are some initial signs of recovery, although the overall mood is still bearish.

How About the Bitcoin Experiment in El Salvador?

The slump questioned El Salvador’s use of Bitcoin as legal tender. There had been internal and external opposition to the decision, and citizens protested. Volatility has always been the biggest concern, and the recent crazy volatility of Bitcoin will not help.

But this does not seem to have stopped the development of the country. It recently bought down limits and added 500 BTCs to its treasury. There are also some positive changes. Since El Salvador made Bitcoin its legal currency, the country’s tourism industry has increased by 30%. A Mexican Senator also seems to have been persuaded to consider legalizing Bitcoin.