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Why Tuesday May 17th Will Be An Important Day for Bitcoin and International Central Banks - BTC Direct

Why Tuesday May 17th Will Be An Important Day for Bitcoin and International Central Banks – BTC Direct

It’s been 7 months since El Salvador Bitcoin approved as legal currency. This made the country number one in the world. On Tuesday 17 May, a meeting will be organized in El Salvador to transfer this knowledge to other interested countries.

44 countries meet

Tomorrow will be an important day when 44 countries will come to El Salvador to discuss various financial developments. This was reported by the head of state, Neb Bokel, on Twitter.

“Tomorrow, 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion, the digital economy, non-bank banking, and the launch of bitcoin and its benefits in our country,” Bukele said.

Central African Republic does not exist

Thus, this pertains to 32 central banks and 12 financial authorities. If we look at the list of these countries – which can be read in the thread of tweets – it is noticeable that these are mainly African countries. It is noteworthy that the Central African Republic, which was recently Bitcoin accepted As legal currency, it does not exist.

It might be good for the country, but since only 4-10% of the population has internet, rolling out bitcoin might not be very easy.

Top 5 Countries That Don’t Deal With Banks

Bukele also described “unbanked banking” in his tweet. This means giving bank accounts to people who have never made a financial history. El Salvador was before its Bitcoin era The same problem† 70% of Salvadorans did not have a bank account at the time.

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according to Research from 2021Here are the five countries that have suffered the most:

  • Morocco (71%)
  • Vietnam (69%)
  • Egypt (67%)
  • Philippines (66%)
  • Mexico (63%)

Of these top five, only one will go to El Salvador tomorrow. The Central Bank of Egypt, which has a non-banking share of 67%, will come to the Central American country tomorrow.

What can we expect from this?

At the moment, Bukele hasn’t revealed much about the specific content. We’ll have to wait and see if this can mean something to other countries, but something interesting will almost certainly turn up here.

As these countries and their financial institutions learn more about bitcoin – and the benefits it can bring – a ball may be thrown in their home country. This may, or may not, benefit bitcoin adoption, if it turns out that bitcoin wasn’t good for El Salvador at all.

A full list of countries and their institutions can be found here be seen.