- Kenya among 44 countries visiting El Salvador to discuss Bitcoin
- Meeting agenda includes talks on banking the unbanked
- El Salvador is a trendsetter, as the first sovereign nation to adopt Bitcoin as legal tender
Kenya has been confirmed as one of the 44 countries to send their central banks and financial authorities to El Salvador for Bitcoin talks. Confirming the news via a Tweet, El Salvador president, Nayib Bukele, listed the 44 delegates expected in the country later on today.
Tomorrow, 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion, digital economy, banking the unbanked, the #Bitcoin rollout and its benefits in our country.
— Nayib Bukele (@nayibbukele) May 16, 2022
The president announced the talks would centre on financial inclusion, and banking the unbanked. Many of the attendees are from developing countries, which would certainly benefit from the digital economy.
Kenya already considering CBDCs
Like several other countries on the list, Kenya has long been toying with the idea of digital currencies. The Central Bank of Kenya recently issued a Discussion Paper on Central Bank Digital Currencies and invited public opinions on the same.
Although crypto usage and trading in the country remain unregulated, the population is quickly adopting innovative technology.
A 2021 report by Chainalysis placed Kenya in the first position globally in P2P exchange trade volume. It also has a global crypto adoption index score of 0.28, which places it 5th among the top countries in global adoption.
Nigeria, which is also a strong contender in global adoption, is also among the countries doing the pilgrimage to El Salvador. The two, together with South Africa and Ghana, are some of the leading countries in crypto usage on the continent.
The African crypto market is still young, and there are several debates around the same. While countries like the Central African Republic are moving to make BTC legal tender, others like Uganda are sanctioning against the digital currencies.
Meeting’s full agenda is still unclear
Other than the tweet from the president, there has been no communication as to what the full agenda of the meeting will be.
However, going by what Nayib tweeted, it is likely that the attending countries are out to explore the possibilities of Bitcoin and other digital currencies. The president cited that they would discuss the Bitcoin rollout in the country and its benefits to their economy.
It, therefore, seems that the 44 countries are out to benchmark and figure out whether digital currencies are plausible in their jurisdictions.
El Salvador paces up the crypto adoption rate
The Central American country is making strides in the cryptoverse, and paving the way for global crypto adoption. In September 2021, the country became the first globally to accept Bitcoin as a legal tender, a move that wasn’t well-received by the IMF.
Still, El Salvador maintains its stance and belief in Bitcoin as the way out. The country includes BTC in its balance sheet and amid the plummeting markets, El Salvador purchased 500 BTC last week, bringing its total reserves to 2300 bitcoins.
The president had earlier unveiled plans for Bitcoin City, a hub that will distinguish El Salvador as a financial centre.
