• The Central American Bank for Economic Integration is optimistic about Bukele’s Bitcoin bet

  • All of the participants raise their heads as September 7th approaches. El Salvador’s Bitcoin Law was discussed with us by the Central American Bank For Economic Integration. Carlos Sanchez, the head of investments at the Central American Bank For Economic Integration, is confident about the organization’s help. They’ll assist El Salvador in “navigating waters that haven’t been explored.”

    As you are probably aware, the World Bank declined El Salvador’s request for assistance in implementing Bitcoin as legal cash. “While the government approached us for assistance on bitcoin, given the environmental and transparency concerns, the World Bank cannot support this,” a spokeswoman told the media. This regional development bank, on the other hand, dismissed their fraudulent allegations and leapt into the ring for the Central American country.

    Strict Protocols Are Known To The Central American Bank For Economic Integration

    The Central American Bank For Economic Integration “looks to be playing the intermediary between El Salvador’s government and the US Department of Treasury,” according to ULTCOIN365. Carlos Sanchez, in a related subject, flashed one of the project’s most positive indicators. He alleged, according to Reuters:

    “The bank’s technical assistance is aimed at assisting El Salvador in developing a legislative framework for bitcoin adoption and ensuring that strict international money laundering measures are followed.”

    This is especially significant because it is one of the few issues of debate on which FUDsters agree while denouncing El Salvador’s Bitcoin bet. Steve Hanke, a well-known fiat promoter, recently stated:

    “I identified 27 FATF requirements linked to virtual asset transactions that will be nearly impossible to comply with under the new law for Salvadoran banks, enterprises, and their customers.”

    It’s comforting to know that El Salvador and the Central American Bank for Economic Integration have cards to play.

    A reduction in remittance fees is critical to the operation’s success.

    Dante Mossi, executive president of the Central American Bank for Economic Integration, was also interviewed. “Everyone is watching if it goes well for El Salvador, and if, for example, the cost of remittances reduces significantly… other nations would most likely seek that advantage and adopt it,” he believes. So, they’d best get their act together. The price will plummet dramatically.

    “Currently, crypto accounts for less than 1% of global crossborder remittances, according to Autonomous Research, but crypto is predicted to account for a larger share of the more than $500 billion in yearly worldwide remittances in the future.”

    However, we recently received data from Nigeria. “In the first three weeks of August, the country reportedly shifted $24.87 million in Bitcoin. Traditional remittances declined by $6 billion.” And, of course, Bitcoin is not legal money in Nigeria.

    One of the more bullish institutions in this scenario appears to be the Central American Bank for Economic Integration. Mossi believes that “Guatemala, Honduras, and El Salvador would benefit the most if bitcoin adoption reduced the cost of sending remittances.” Every country in his organization’s sphere of influence.

    It’s little surprise that Mossi regards El Salvador’s Bitcoin Law as a “out of this world experiment.”

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