El Salvador Discusses Bitcoin Adoption With 44 Countries…Details Here
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Answer El Salvador Discusses Bitcoin Adoption With 44 Countries…Details Here
El Salvador’s President Najib Bukele said on Sunday that the country will host delegates from 44 countries this week to discuss bitcoin adoption.
“Bukele” said in series of tweetsDelegates from 44 countries, consisting of 32 central banks and 12 financial institutions, will gather in El Salvador to talk about financial inclusion, economic digitalization, and the country’s famous adoption of Bitcoin.
The delegates who attended the speech appeared to be a mix of South American, African and South Asian nations.
Is El Salvador a role model for emerging markets looking for modern ways to digitize their financial systems?
The country will host delegates from several countries, including Pakistan, Bangladesh, Paraguay, Haiti, Madagascar and the Maldives.Read:For the first time… an Italian football club sells 25 of its shares for cryptocurrency
Something common and common among the countries participating in the discussion is that most of them are from emerging markets, which indicates a relatively small economic picture, which is that it is usually these types of countries that are the leaders in cryptocurrency adoption.
While bitcoin is not a good inflation hedge for US traders, emerging markets, facing much higher rates of inflation, may see the cryptocurrency offer more value.
For example, countries like Turkey and Argentina, which have recently seen their inflation rate rise to 50%, have seen a similar rise in cryptocurrency adoption.
El Salvador also adopted Bitcoin during the country’s period of economic weakness, a trend that continued into 2022.
The Central African Republic has also recently adopted Bitcoin as legal tender for a similar concept.
Does the collapse of bitcoin affect the rate adoption?
While adoption is certainly positive for cryptocurrencies, the El Salvador conference comes amid one of the worst periods of the crypto market seen in recent times.
Bitcoin is down more than 50% from its all-time high, while the total cryptocurrency market cap has fallen by more than $500 billion last week.Read:Hosting the first wedding in the world of “Metaverse”…Details here
Last week’s report showed that El Salvador may also be looking at a potential debt default due to the collapse of the major cryptocurrency.
Currently, El Salvador is holding Bitcoin at a huge loss.
But the increased adoption may eventually be a net positive for the world’s largest cryptocurrency.
But critics have questioned its viability as a payment system, given recent volatility.
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