• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
Central American Bank For Economic Integration, two dice
Advertisement

Central American Bank For Economic Integration Bullish On Bukele’s Bitcoin Bet

Eduardo Próspero by Eduardo Próspero
1 year ago
in Bitcoin, Bitcoin Acceptance, Bitcoin Regulation
0
Advertisement

As September 7th approaches, all the participants raise their heads. The Central American Bank For Economic Integration sat down with Reuters to discuss El Salvador’s Bitcoin Law. Carlos Sanchez, Central American Bank For Economic Integration’s head of investments, is optimistic about the organization’s assistance. They’ll help El Salvador “navigate waters that have yet to be explored.“

Related Reading | Bank Of America Sees Four Upsides In El Salvador’s Bitcoin Adoption

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.

As you probably know, the World Bank turned down El Salvador’s request for help with the implementation of Bitcoin as legal tender “While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings,” a spokesperson told the media. Well, this regional development bank ignored their bogus claims and jumped in the ring for the Central American country. 

The Central American Bank For Economic Integration Knows About Strict Protocols

As Bitcoinist timely informed, the Central American Bank For Economic Integration “seems to be playing the intermediary between El Salvador’s government and the US Department of Treasury.” In related matters, Carlos Sanchez flashed one of the project’s most bullish signs. According to Reuters, he claimed:

“The bank’s technical assistance is focused on helping El Salvador design a legal framework for the adoption of bitcoin and to make sure strict international money laundering protocols are adhered to.”

This is especially important since it’s one of the only points of contention with which FUDsters make sense while criticizing El Salvador’s Bitcoin bet. Recently, notorious fiat-promoter Steve Hanke claimed:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

“I identified 27 FATF regulations related to virtual‐​asset transactions that will be nearly impossible for Salvadoran banks, businesses, and their customers to comply with under the new law.”

It’s good to know El Salvador and the Central American Bank For Economic Integration have aces down their sleeves.

BTCUSD price chart for 08/25/2021 - TradingView

BTC price chart on Gemini | Source: BTC/USD on TradingView.com

A Drop In Remittances’ Fees Is Key To The Whole Operation

Reuters also interviewed Dante Mossi, executive president of the Central American Bank for Economic Integration. He thinks that “Everyone is watching if it goes well for El Salvador and if, for example, the cost of remittances drops substantially … other countries will probably seek that advantage and adopt it.” Well, they better prepare themselves. The drop is going to be tremendous. Reuters claims:

“Under 1% of the volume of global crossborder remittances are currently in crypto, according to Autonomous Research, but in the future crypto is expected to account for a larger slice of the more than $500 billion in for annual global remittances.”

However, Bitcoinist recently got numbers from Nigeria. “The country reportedly moved $24.87M in Bitcoin just in the first three weeks of August. Remittances through traditional channels fell by $6B.” And, needless to say, Bitcoin isn’t legal tender in Nigeria.

Related Reading | After Bitcoin U-Turn, Nigeria Plans To Launch Central Bank Currency This Year

The Central American Bank for Economic Integration seems to be one of the most bullish institutions in this whole scenario. Mossi thinks that “Guatemala, Honduras and El Salvador are the countries that would have the most to gain if the adoption of bitcoin lowered the cost of sending remittances.” All countries in his organization’s area of influence.

No wonder Mossi considers El Salvador’s Bitcoin Law as an  “out of this world experiment.“

Featured Image by Edge2Edge Media on Unsplash - Charts by TradingView
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Eduardo Próspero

Eduardo Próspero

Eduardo Prospero is an author, a content writer, and a professional rapper. A Bitcoin maximalist in disguise. Working on a Bitcoin book. Beware of my Telegram impersonator!

Related Posts

50% of Bitcoin hashrate Controlled by Two Mining Pools

Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

3 hours ago
Institutional Bitcoin Buying Is a Positive Sign, Suggests Matrixport

Institutional Bitcoin Buying Is A Positive Sign, Suggests Matrixport

1 day ago
Bitcoin BTC

Inflation May Be In A Lull, What Does That Mean For Bitcoin?

2 days ago
Bitcoin Lightning Network POS Clover

Major Adoption News For Bitcoin: POS Giant Clover Starts Lightning Trial

2 days ago
Bitcoin

These Metrics Hint At Massive Bitcoin ‘Buying Opportunity’, Says Analyst

3 days ago
Bitcoin Whale

Bitcoin Exchange Whale Ratio Surges, What Does It Mean?

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Is Aptos (APT), Solana (SOL), or Snowfall Protocol (SNW)...

    8 hours ago
  • Hector Network launches its NFT marketplace on Fantom...

    8 hours ago
  • Fantom (FTM) launches ecosystem vault to finance dApp...

    9 hours ago
  • Esports Driving the Advancement of Cryptocurrency in Sports...

    23 hours ago
  • Connecting the dots on $PAW. Is Ryoshi back?

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.