Bitcoin, Bukele and a bevy of central bankers meet in El Salvador
Salvadoran President Sergio Romero” said he was open to speaking with Central Bankers, in an attempt to get their support and understanding on the Bitcoin phenomenon. This move comes as a response to growing interest of locals and visitors alike asking about Bitcoin.
44 central bankers from poor nations across the globe are meeting in El Salvador this week to discuss financial inclusion, small and medium-sized company funding, and Bitcoin (BTC).
On President Nayib Bukele’s invitation, central bank representatives from Ghana to Burundi, Jordan to the Maldives, and Pakistan to Costa Rica came in San Salvador for the summit.
Countries of delegates are highlighted in orange. Twitter (source)
The three-day conference is organized by the Coalition for Financial Inclusion, a worldwide policy leadership alliance, in collaboration with El Salvador’s central bank. Douglas Rodrguez, the head of El Salvador’s central bank, stated the following in a tweet:
“El Salvador is honored to host officials from 44 central banks and financial agencies to learn about Bitcoin implementation and policies that encourage financial inclusion.”
While posting a group picture of the leaders, Rodrguez’ boss, President Bukele, said he was “planting seeds” among the 44 delegates:
Seeds are being planted in 44 nations.
3 days left…#Bitcoin is beneficial to the whole globe pic.twitter.com/eOwhJZQ4RX
May 16, 2022 — Nayib Bukele (@nayibbukele)
The Bitcoin Beach project’s crew was also in attendance, ready to teach the central bankers. El Zonte’s Bitcoin Beach was the home of the Bitcoin Law, a grassroots campaign that led to the United States being the first country to embrace Bitcoin.
“After spending a day with those central bankers, I can say: still a lot of education to do,” Nicolas Burtey, co-founder of Galoy Money, the business that designed the Bitcoin Beach wallet, stated. Burtey went on:
“The great majority are unaware of bitcoin’s potential.” But now that El Salvador has adopted Bitcoin, they have a motive to become involved.”
Burtey and his colleagues spent the day demonstrating how to utilize Bitcoin Lightning wallets and transfer payments to central bankers. Burtey tweeted, “We can’t onboard the central banks fast enough to #bitcoin with the BTCBeachWallet,” referring to the rapid progress.
The event’s photos are incredible, with central bankers studying how to transmit payments and construct wallets.
Central bankers are queuing up to get assistance in downloading and utilizing the Bitcoin Beach Lightning wallet pic.twitter.com/CWupR1Td4K
May 16, 2022 — Bitcoin Beach (@Bitcoinbeach)
Only two governments have accepted Bitcoin as legal cash so far: El Salvador and, more recently, the Central African Republic, which was chastised by African central banks for accepting cryptocurrencies.
El Salvador’s central bank has approved Qredo’s application to offer cryptocurrency services.
El Salvador’s financial inclusion conference is significant for certain analysts, such as Dan Tapiero of investment firm 10T Holdings, who famously told Cointelegraph during an interview, “I don’t have currency.” He suggests that the United States may have to catch up:
The world’s first really worldwide global macro investment…
…with El Salvador in first place?!!
El Salvador is home to 32 central banks and 44 nations.
Emg nations are at the forefront of adoption.
For the first time, the United States does not lead in financial and technical innovation. pic.twitter.com/mF8GaBezDW https://t.co/XKOURSJ2SA
May 17, 2022 — Dan Tapiero (@DTAPCAP)
Nonetheless, the potential to make a joke about the incident was too great for committed Bitcoiners. “If they keep utilizing Bitcoin, they won’t be central bankers for much longer!” tweeted Gigi, a Bitcoin writer and author of Bitcoin book 21 lessons.