At a time when Bitcoin along with the entire crypto industry is facing a difficult situation, something is building up in El Salvador. The development taking place in El Salvador is reportedly in favor of Bitcoin.
It is now a fact that El Salvador still exists as the only country in the world that has granted a legalized status to Bitcoin. Bitcoin in El Salvador is just like having hard or soft cash with you when roaming around in the country.
It is now mandatory for every business (entity) in El Salvador to accept Bitcoin as a mode of payment. If they don’t do it, then the government or the civilians can take action against such countries.
What is El Salvador Up To?
The sources have revealed that the El Salvador Government has again become very active surrounding the adoption of Bitcoin. They want the complete implementation of Bitcoin into every aspect or activity taking place in the country.
Therefore, a conference has been held in El Salvador where many entities have been invited. The conference is to discuss the adaption of Bitcoin in different classes of business. In particular, it is the financing for medium- and small-sized businesses with Bitcoin. Similarly, it is the financial inclusion of Bitcoin and to discuss the future adoption in the country.
The information has confirmed that a total of 44 bankers from the central banking sector have been invited to the conference. It is quite promising that all the bankers have accepted the invitation and they are all from developing countries.
Several delegates of the central banks from Pakistan to Cost Rica, Jordan to the Maldives, and Ghana to Burundi will be attending the conference. They will all be arriving in San Salvador where the conference will be held. NayibBukele, the president of El Salvador has invited all the central bank delegates from these countries and regions.
Things to Be Discussed in the Conference
In an interview, Bukele stated that their aim is to bring as many developing countries onboard with them as possible. To make sure Bitcoin grows to its true potential, more central banks from around the world will need to join the party.
At the conference, Bukele and the Bitcoin operating teams will be walking the central bankers through their Bitcoin Lightning Wallets. They will help them become acquainted with the utility of the wallet and its money sending/receiving functionalities. They will also be discussing the potential of Bitcoin and how it can help countries stabilize their economies and make them better.
The conference will be recurring for three days and will be held from May 20 to May 22. It is predicted that prior to the conference, the trading price of Bitcoin may grow above the $35k barrier.