El Salvador Will Host A Summit For Financial Inclusion Tomorrow

El Salvador

The president of El Salvador, Nayib Bukele, has announced that 32 central banks and 12 financial institutions from 44 countries will meet in the country to discuss financial inclusion. President Bukele made the announcement on May 16, via a Twitter post monitored by Cryptoinfowatch. The post said that the meeting will be held tomorrow, May 17.

According to the update, the countries expected at the meeting include the central banks of São Tomé e Príncipe, Namibia, Ghana, Uganda, Angola, Paraguay, Madagascar, Haiti, Burundi and République de Guinée.

Others are the central banks of Eswatini, Jordan, Gambia, Honduras, Egypt, Jordan, Nigeria, Rwanda, Costa Rica, Ecuador, Congo, Dominican Republic, Mauritania, Armenia, Bangladesh and Pakistan.

First Bitcoin Legal Tender Country

El Salvador is the first country to recognize Bitcoin as legal tender. It has since faced criticism from the World Bank on account of this.

Reacting to the announcement of the meeting, a Twitter user, Bitcoin Zoe, said that Bitcoin will have the most impact on developing countries. He said that people in the third world have different perspectives of the cryptocurrency than people in the developed world.

“Bitcoin will have its greatest impact in developing countries; Because people in developing countries are not simply buying BTC for profits, they’re buying Bitcoin for economic freedom. This is something the colonizers at the IMF will never understand.”

Since El Salvador adopted Bitcoin as a legal tender, the country has been in the forefront for its promotion. Since then, countries such as Argentina, Mexico, Tonga, Bolivia, Paraguay, Panama and Nigeria have been looking closely at the prospects of national currencies based on the blockchain. Several developed countries have also recognized cryptocurrencies even though most do not have clear regulations guiding its use.

An Alternative To Petrodollar

It is not clear what the views of these countries’ financial leaders will make of the summit with respect to Bitcoin and altcoins. This is considering that most countries have preference for CBDCs.

It makes sense that all the developing countries would attend this but I’d be interested to know the benefits of BTC (to the country not individuals) over a country’s own CBDC. – CTHG

Jim Davis of Starshine, a Silicon Valley fintech said that most participating countries are probably seeking alternatives to the Petrodollar. According to Davis:

Not sure if any of these countries are considering Bitcoin as an alternative to their sovereign currencies (nor as a steppingstone towards their own CBDC). Most are probably looking, however tentatively, at the possibility of shifting, however gradually, from the petrodollar.

Author: Jinka Kamma

Jinka Kamma is passionate about the prospects of blockchain and the freedom cryptocurrencies afford people across borders. He holds small amounts of bitcoin and tether.

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