Nayib Bukele, the President of El Salvador, took to Twitter to announce that 32 Central Banks and 12 Financial Authorities from 44 countries were meeting on May 16, 2022, Monday. The meeting will center around the discussion related to the digital economy, financial inclusion, rolling out Bitcoin & its benefits, and banking the unbanked.
A couple of more tweets followed to create a thread sharing in which Central Banks and Financial Authorities were specifically participating in the discussion.
In one of the follow-up tweets, Nayib Bukele shared that the following Central Banks and Financial Authorities would be in attendance on May 16, 2022:
- State Bank of Pakistan
- Central Bank of El Salvador
- Sacco Societies Regulatory Authority, Kenya
- Superintendence of the Popular & Solidarity Economy of Ecuador
- Nepal Rastra Bank
- National Bank of Rwanda
- Central Bank of Paraguay
- Bank of Ghana
- Central Bank of The Republic of Guinea, and 35 others.
The adoption of Bitcoin has increased in recent months. The initials were slow, as expected. It took 12 years for the first country to adopt Bitcoin, followed by the next eight months for the second country.
The President of Panama, Laurentino Cortizo, is considering declaring Bitcoin a legal tender. If Laurentino signs the Bitcoin bill, it will make Panama the third country to adopt Bitcoin in less than a month than the second country.
Bitcoin is the cryptocurrency that brought the digital payment system to the table for every country. It is based on Blockchain technology to pioneer peer-to-peer financial transactions without the involvement of a third party.
Decentralization is the core principle for the existence of Bitcoin. Benefits served by Bitcoin are faster transactions across the globe without paying a heavy transaction fee. It eliminates the need to convert one currency to another, and the network undertakes the issuance of Bitcoin through a collective effort.
Bitcoin has high volatility with a graph that fluctuates very often, and experts continue to bet on Bitcoin for its benefits. In addition to those mentioned earlier, Bitcoin has many more benefits, attracting the global attention of traders.
Users are willing to shift to Bitcoin for its anonymity through numerical codes. People can choose to have multiple security keys, provided those can be safely stored in a trusted wallet.
There is a chance that Bitcoin may generate much higher returns for traders in the short term. However, it also means that traders can lose their funds within seconds.
Disadvantages do prevail in the digital ecosystem. Bitcoin transactions are irreversible, meaning that transactions executed through the network cannot be reversed. A deal once done is done with absolutely no U-turn.
It increased the risk of losing money by committing a small mistake of entering the wrong wallet address. Another disadvantage is its limited usage. Countries are considering adopting Bitcoin with no tentative timeline to give it legal status.