On Sunday evening, President El Salvador Nayib Bukele announced his intention to meet 44 bankers in the first hour of Monday. There will be one main topic at Monday’s meeting of Central banks and financial officials.

Tomorrow’s meeting will see 32 central banks (44 countries) and 12 financial authorities (12 nations) meet in El Salvador for discussions on financial inclusion, digital economy and banking the unbanked.

— Nayib Bukele (@nayibbukele) May 16, 2022

This topic will be broken down into key sections.

• Financial inclusion.
• The digital economy.
• Access to crypto for those who aren’t banked
• The benefits of Bitcoin’s rollout in El Salvador.

The central banks and financial institutions due to attend El Salvador’s Monday meeting are those of Egypt, Kenya, Bangladesh, Uganda, Rwanda, Angola, Madagascar, the Republic of Guinea, and other developing countries.

Angola’s central bankers are from Angola and other countries like Brundi (Armenia, Bangladesh), Brundi (Congo), Congo, Ghana, India Nambia, Senegal Sundan, Uganda, Zambia, and 26 others.

— Bitcoin Beach (@Bitcoinbeach) May 13, 2022

BTC’s Hard-Fought Battle for Legal Acknowledgment

Bitcoin was not adopted officially until 12 years later. El Salvador announced officially that Bitcoin would be legal tender starting September 7, 2021. Half a year later the Central African Republic became second in the world to adopt this technology. Both nations have been heavily criticized⁠—El Salvador by international financial institutions, the IMF in particular, and the Central African Republic by its peers⁠—6 neighboring countries with a mutual agreement.

• In El Salvador’s case, the International Monetary Fund (IMF) has repeadtedly beseeched President Nayib Bukele to reverse his decision of making Bitcoin a legal tender, citing “large risks associated with the use of Bitcoin to financial stability, financial integrity and consumer protection.” Despite critique from international institutions, El Salvador has received praise from some of the neighbors. You could say that El Salvador motivated Panama to adopt Bitcoin as legal tender.
• In CAR’s case, the backlash received from its neighboring countries is based on a decades old agreement among Central African nations to use only the CFA franc. Governor Abbas Mahamat Tolli sent a letter to the finance minister of the Central African Republic, claiming that “the new cryptocurrency law can be understood as calling into question the monetary cooperation of the Central African states”.

Increased Crypto Regulating

If Panama’s President Laurentino Cortizo signs the crypto bill currently in process, Panama will become the third country in the world to adopt Bitcoin as a legal tender, just one month after the Central African Republic passed its own legislation. Not only is crypto regulation becoming more important in developing countries but also in the West. Germany and the United Kingdom believe that this is true, so they recently adopted new crypto regulations. The crypto market is still experiencing turbulent times. This raises a question: Will the world experience more benefits from transparency in Bitcoin transactions and make them more accessible to everyone?

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