{"id":330054,"date":"2021-08-25T12:49:36","date_gmt":"2021-08-25T09:49:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/el-salvadors-bitcoin-adoption-may-transform-remittance-in-central-america\/"},"modified":"2021-08-25T12:49:36","modified_gmt":"2021-08-25T09:49:36","slug":"el-salvadors-bitcoin-adoption-may-transform-remittance-in-central-america","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/el-salvadors-bitcoin-adoption-may-transform-remittance-in-central-america\/","title":{"rendered":"# El Salvador&#8217;s Bitcoin adoption may transform remittance in Central America"},"content":{"rendered":"<p>&#8220;<strong># El Salvador&#8217;s Bitcoin adoption may transform remittance in Central America <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvOGQ0MWJmYmUtZmM4Mi00ZTdkLTg1YjEtYjdhMDdhNTk4ZjZmLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>The Central American Bank for Economic Integration (CABEI) has identified remittance as an important aspect of El Salvador\u2019s Bitcoin (BTC) adoption policy.<\/p>\n<p>According to Reuters on Tuesday, the regional development bank <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/remittance-costs-key-take-up-salvadoran-bitcoin-plan-development-bank-2021-08-24\/?taid=6125f758eb3353000173b464&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter\">expects<\/a> other Central American nations to pay close attention to Bitcoin\u2019s impact on remittance costs in El Salvador.<\/p>\n<p>Speaking to Reuters, Dante Mossi, CABEI\u2019s executive president stated that neighboring countries will be incentivized to follow El Salvador\u2019s example if Bitcoin offers significant cost reduction in the remittance market.<\/p>\n<p>The CABEI executive described El Salvador\u2019s Bitcoin adoption policy as an \u201cout of this world experiment\u201d that could foster greater financial inclusion in the country. Thus, the regional bank is helping El Salvador to create a technical framework for Bitcoin adoption.<\/p>\n<p>According to Carlos Sanchez, investment chief at CABEI, the regional bank is keen on helping El Salvador ensure compliance with global money laundering rules as the country attempts to utilize Bitcoin as a parallel currency. Sanchez described the process as being akin to navigated \u201cyet to be explored\u201d waters.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bank of America outlines 4 potential benefits of El Salvador\u2019s Bitcoin strategy<\/em><\/strong><\/p>\n<p>CABEI\u2019s technical assistance flies in the face of opposition and criticism from the International Monetary Fund. Indeed, the move could be seen as an indication of Bitcoin\u2019s ability to drive significant monetary policy discussions, at least on a national and regional level even if the global financial establishment remains anti-Bitcoin.<\/p>\n<p>In June, economist Steve Hanke warned that Bitcoin could destroy El Salvador\u2019s economy while Fitch Ratings has also raised alarms that the country\u2019s Bitcoin law could pose risks to local insurers.<\/p>\n<p>El Salvador, for its part, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be moving forward with its plans to adopt Bitcoin as a fully recognized legal form of money in the country. Earlier in August, President Nayib Bukele announced plans to install 200 ATMs for easy Bitcoin to U.S. dollar conversion.<\/p>\n<p>The country\u2019s central bank has also published draft regulations detailing how banks can deal with Bitcoin.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/el-salvador-s-bitcoin-adoption-may-transform-remittance-in-central-america\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# El Salvador&#8217;s Bitcoin adoption may transform remittance in Central America &#8221; The Central American Bank for Economic Integration (CABEI) has identified remittance as an important aspect of El Salvador\u2019s Bitcoin (BTC) adoption policy. According to Reuters on Tuesday, the regional development bank expects other Central American nations to pay close attention to Bitcoin\u2019s impact&#8230;<\/p>\n","protected":false},"author":1,"featured_media":330055,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvOGQ0MWJmYmUtZmM4Mi00ZTdkLTg1YjEtYjdhMDdhNTk4ZjZmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,75022,77388,74355,90059],"class_list":["post-330054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-central-bank","tag-remittances","tag-adoption","tag-el-salvador"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/330054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=330054"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/330054\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/330055"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=330054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=330054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=330054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}