Bitcoin

El Salvador to meet with 44 nations to discuss Bitcoin after market crash – Washington Examiner


El Salvador, the first country to adopt Bitcoin as a state currency, has invited 44 other countries to do the same.

President Nayib Bukele announced on Sunday that representatives from 32 central banks and 12 financial institutions would meet with him on Monday.

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The representatives would meet to discuss “financial inclusion, digital economy, banking the unbanked, the Bitcoin rollout and its benefits,” Bukele said on Sunday. The invite comes less than a week after the cryptocurrency market crashed, and Bitcoin’s value fell to more than half its value.

Representatives from Asia, Africa, and Central America are expected to attend, including the central banks of Egypt and Nigeria, which are considered the most prominent economic systems in Africa.

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El Salvador became the first country to accept Bitcoin as legal tender in June 2021. The government adopted Bitcoin in an attempt to combat hyperinflation and reduce its reliance on the U.S. dollar. While the International Monetary Fund has encouraged El Salvador to reject bitcoin as its legal tender, the country rejected the request.

The country’s $100 million in Bitcoin holdings also dropped by a third in value during the cryptocurrency crash, according to the Wall Street Journal.





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