El Salvador to discuss Bitcoin Adoption with 44 Countries
El Salvador President Nayib Bukele announces that El Salvador will host delegates from 44 countries to discuss Bitcoin.
On Sunday, the President of El Salvador, Bukele announced in a series of tweets that delegates from 44 countries, consisting of 32 central banks and 12 financial authorities would meet in El Salvador to talk about financial inclusion, economic digitization and the country’s famous Bitcoin adoption.
Delegates attending the talk appear to be from a mix of South American, African and South Asian countries. The country will host delegates from several countries including Pakistan, Bangladesh, Paraguay, Haiti, Madagascar, and the Maldives. Other countries include Angola, Armenia, Burundi, Congo, Costa Rica, Egypt, Gambia, Ghana, India, Namibia, Senegal, Sudan, Uganda and Zambia.
Is El Salvador setting an example for emerging markets?
A common trend among the countries attending the talk is also that most of these countries represent emerging or frontier markets indicating a relatively small economic profile. These types of countries are also leading the charge in digital asset adoption.
While Bitcoin isn’t a good inflation hedge for U.S. traders, emerging markets that face much higher inflation rates may see the digital asset offering more value. For instance, countries such as Turkey and Argentina, which recently saw an inflation surge of over 50% have seen a corresponding increase in digital asset adoption.
Bitcoin crash may challenge the increasing rate of adoption
While adoption is certainly positive for crypto, El Salvador’s conference comes amid one of the worst crypto crashes seen in recent times. Bitcoin has slumped more than 50% from its record high while the total cryptocurrency market cap fell sharply by over $500 billion last week.
El Salvador may also be looking at a possible debt default due to the crypto crash, a report shows. The country is holding Bitcoin at a significant loss.
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As written by Niranjan Duguta
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