President Nayib Bukele of El Salvador has announced that representatives from 32 countries will meet, on Tuesday, 17th 2022, for a conference which will ‘discuss financial inclusion, digital economy, banking the unbanked, the Bitcoin rollout and its benefits in our country’.
El Salvador was the first country to make Bitcoin a legal tender in September 2021, it was followed by the Central Africa Republic in 2022.
Embracing Bitcoin is seen as a declaration of monetary independence from the International Monetary Fund (IMF).
The IMF has protested the move by countries and financial institutions to include Bitcoin in their treasuries.
Bitcoin is a cryptocurrency created and launched in 2009 by a pseudonymous person by the name Satoshi Nakamoto.
Its creation was an answer to the economic meltdown experienced in 2008.
“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party”, Satoshi Nakamoto began on Bithub
“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a
financial institution”, the white paper states in part.
Satoshi Nakamoto lamented that central bank all over the world have been trusted and failed the trust test.
“The Central Bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust”, Satoshi Nakamoto said in many of his posts to early members of the Bitcoin Github club.
El Salvador has bought and holds 2,301 bitcoins.
Other countries that will e represented at the conference include: Central Bank of Eswatini, Ministry of Finance of Eswatini, Central Bank of Jordan, Central Bank of The Gambia, Comisión Nacional de Bancos y Seguros de Honduras, Direction Générale du Trésor, Ministère des Finances et du Budget, Madagascar Maldives Monetary Authority, National Bank of Rwanda, Nepal Rastra Bank, Sacco Societies Regulatory Authority (SASRA) Kenya, State Bank of Pakistan Superintendencia General de Entidades Financieras de Costa Rica, Superintendencia de la Economía Popular y Solidaria de Ecuador, Banco Central de El Salvador, 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 and Banque de la République du Burundi.
Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]