This week, 44 central bankers from developing countries around the world attended a conference in El Salvador to discuss financial inclusion, small and medium business financing, and Bitcoin (BTC).
Delegates from central banks, from Ghana to Burundi, from Jordan to the Maldives and from Pakistan to Costa Rica, came to San Salvador to attend the conference at the invitation of Salvadoran President Nayib Bukele.
Organized by the Alliance for Financial Inclusion, a global alliance of political leadership, and in collaboration with the Central Bank of El Salvador, the conference will last three days. In a Tweetthe director of the central bank of El Salvador, Douglas Rodríguez, shared:
“El Salvador is proud to receive representatives from 44 central banks and financial authorities to learn about the implementation of Bitcoin and the policies to promote Financial Inclusion.”
Rodríguez’s superior, President Bukele, shared that he was “sowing seeds” among the 44 delegates while tweeting a group photo of the leaders:
Planting seeds in 44 countries.
3 days to go…#bitcoin is good for the world pic.twitter.com/eOwhJZQ4RX
– Nayib Bukele (@nayibbukele) May 16, 2022
The team behind the Bitcoin Beach project was also in attendance, to educate central bankers. Bitcoin Beach, El Zonte, was the birthplace of the Bitcoin Law, a grassroots movement that led to the first nation to adopt Bitcoin as legal tender.
Nicolas Burtey, co-founder of Galoy Money – the company that developed the Bitcoin Beach wallet – said: “After spending a day with those central bankers, I can say: there is still a lot of education to be done.” Burtey continued:
“The vast majority have no idea of the potential of Bitcoin. But with El Salvador adopting Bitcoin, they now have a reason to learn about it.”
Burtey and his team spent the day talking to central bankers, showing them how to use Bitcoin Lightning wallets to send payments. Progress was rapid, so fast that Burtey tweeted: “We can’t teach central banks fast enough about Bitcoin with the BTCBeachWallet.”
The photos from the event are amazing, with central bankers learning how to send payments and create wallets.
Central bankers lining up to get help downloading and using Bitcoin Beach Lightning wallet pic.twitter.com/CWupR1Td4K
— Bitcoin Beach (@Bitcoinbeach) May 16, 2022
Currently, only two countries in the world have recognized Bitcoin as legal tender: El Salvador and, recently, the Central African Republic, which was subsequently reprimanded by African central banks for adopting cryptocurrencies.
For some commentators, such as Dan Tapiero of investment fund 10T holdings, who memorably told Cointelegraph during an interview, “I don’t have any cash,” El Salvador’s financial inclusion conference is momentous. He hints that the United States might need to catch up:
The first truly global global macro investment of all time…
…with El Salvador leading?!!
32 central banks, 44 countries flying to El S.
Emg countries leading adoption.
First time US not ahead in financial and technological innovation.https://t.co/XKOURSJ2SA pic.twitter.com/mF8GaBezDW
— Dan Tapiero (@DTAPCAP) May 17, 2022
However, for die-hard Bitcoiners, the opportunity to make a joke about the event was too great. Gigi, Bitcoin writer and author of the book 21 Bitcoin Lessons, tweeted: “If they keep using Bitcoin they won’t be central bankers much longer!”
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.