About forty states from around the world will meet this year 2022, between March and June, in El Salvador to discuss the major issues of bitcoin. The prices observed by this cryptocurrency since the beginning of this spring appear a little worrying. The country being a world leader in the recognition of bitcoin as an official currency will host this major bitcoin fair.
Which countries will participate?
President of El Salvador Nayib Bukele has announced that 32 central banks and 12 countries of financial authorities from Africa, America and Asia will gather in his country for an important discussion around Bitcoin.
- In Africaparticipating countries are: Sao Tome and Principe, Angola, Ghana, Burundi, Guinea, Uganda, Namibia, Gambia, Eswatini, Senegal, Egypt, Nigeria, Congo , Mauritania, Rwanda and Kenya, Sudan and Madagascar.
- In America, the invited countries are : Haiti, El Salvador, Dominican Republic, Paraguay, Ecuador, Costa Rica and Honduras.
- the asian continent will also take part in the meeting with Jordan, Pakistan, Nepal, Armenia, Bangladesh and the Maldives.
However, a curiosity arises. The Central African Republic, which has recently adopted Bitcoin as its official currency, will not be present at this meeting. However, this Central African country is the very first in the world to have followed in the footsteps of the Republic of El Salvador, by recognizing Bitcoin as legal tender.
What topics will be discussed?
During this important fair to be held in El Salvador and more particularly at Bitcoin Beach, the topics that will be discussed on the table will be accentuated around:
- digital economy,
- The possibilities of opening accounts for those excluded from the banking systems,
- The big stakes of Bitcoin for the new economic order,
- The opportunities for financial inclusion between the different participating States,
While the Republic of salvador is criticized by the IMF for its policy vis-à-vis Bitcoin, the latter still welcomes the organization of this upcoming meeting.
However, we can somewhat understand the position of the IMF. This international financial institution sees this initiative as a threat to its interests, since Bitcoin is beyond its control. This currency is not under the administration of any central bank or organization with a financial motive.
What are the controversies around this international meeting?
This meeting on the future of Bitcoin is already leaving a lot of controversy flowing. Firstly, debates arise around the instability and volatility of cryptocurrencies and in particular Bitcoin. Its price has fallen considerably since the beginning of May. A proof that the control of such a currency is very complex.
Moreover, the bitcoin penetration rate among populations is very low. Individuals and businesses find it difficult to place their trust in this new currency, regardless of the assurance given to them by the authorities.
For example, the state of El Salvador, despite its Bitcoin policy model, only has 20% of Salvadorans using Bitcoin. This, even after its legalization as an official currency. It is therefore difficult to admit that at the end of this meeting all the participating countries will share all the convictions of the organizing country on cryptocurrencies.
However, cryptocurrencies and in this case bitcoin remain a potential monetary instrument that will make it possible to break with the restrictive barriers of the current international financial system.
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