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El Salvador to host 44 countries to discuss Bitcoin

The country also bought the most recent dip, buying about 500 bitcoins

By Shashank Bhardwaj

Image: Shutterstock

Eight months after El Salvador became the first country to make bitcoin an official currency, its president has invited 44 other countries to discuss bitcoin's "rollout and benefits". The meeting will take place in Guatemala on Monday, May 17, where officials from Africa, Asia, and Latin America will discuss financial inclusion and the digital economy.

President Nayib Bukele took to Twitter to announce the conference. “Tomorrow, 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion, digital economy, banking the unbanked, the #Bitcoin rollout and its benefits in our country”, reads his tweet.

Given the hostile sentiments of central banks and international financial institutions about cryptocurrency, Bukele's decision to host an international bitcoin conference with government representatives from around the world assumes much significance.

El Salvador has been debating which currency to use for the past two decades. In 2001, the country traded its currency for the US dollar, giving up control over monetary policy.

As a result, many Salvadorans rely on remittances from relatives abroad to supplement their income. However, since it became the first government to make the cryptocurrency legal tender in 2021, El Salvador has been at the forefront of Bitcoin use. Not only that, but the country's president has been buying the dip at every opportunity in order to boost the country's Bitcoin holdings.

El Salvador's pro-Bitcoin policies have significantly benefited the country's tourism industry, as foreign investors rushed to the country in huge numbers. Authorities are also interested in gathering more data in order to develop new methods for incorporating Bitcoin into their economy and expansion plans.

El Salvador bought the dip in the latest BTC bear market and added 500 BTC to the government's coffers, raising its total BTC holdings to 2,301, or roughly $71 million at current market rates.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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