In a series of tweets on May 15, El Salvador’s President Nayib Bukele announced that representatives from 44 nations, including 32 central banks and 12 financial agencies, will gather in El Salvador to discuss financial inclusion, economic digitalization, and the country’s well-known Bitcoin adoption strategy on May 17.
Banco Central de São Tomé e Príncipe
Banco Central del Paraguay
Banco Nacional de Angola
Bank of Ghana
Bank of Namibia
Bank of Uganda
Banque Centrale de la République de Guinée
Banque Centrale de Madagascar
Banque de la République d'Haiti
Banque de la République du Burundi— Nayib Bukele (@nayibbukele) May 16, 2022
The delegates seem to be from a variety of South American, African, and South Asian countries. The majority of the nations in attendance are from frontier economies, which have a low economic profile. However, these countries have often been the front-runners of crypto adoption.
Central Bank of Egypt
Central Bank of Jordan
Central Bank of Nigeria
Ministère de l'Economie, des Finances et du Plan du Sénégal
Superintendencia de Bancos de la República Dominicana
Banque Centrale de Mauritanie
Banque Centrale du Congo
Central Bank of Armenia
Bangladesh Bank— Nayib Bukele (@nayibbukele) May 16, 2022
While Bitcoin isn’t a viable inflation hedge for traders in the US, it may have greater value in emerging nations, where inflation is considerably higher. For example, nations like Turkey and Argentina, where inflation recently reached 50%, have witnessed an increase in crypto usage. During a moment of economic distress in the country, El Salvador also accepted Bitcoin, a trend that has persisted until 2022. On a similar premise, the Central African Republic just made Bitcoin legal money.
While crypto growth is undoubtedly encouraging, El Salvador’s conference coincides with one of the greatest bitcoin falls in recent memory. According to research released last week, El Salvador may face debt default as a result of the crypto crisis as the country is holding Bitcoin at great losses. Nonetheless, growing usage may prove to be a net gain for the world’s largest cryptocurrency in the long run.
