El Salvador, the 3rd largest crypto hub after the US and Canada, in a couple of tweets declared that the country will be hosting different representatives from 14 different countries around the globe.
The main aim of the meeting is to have a discussion about Bitcoin. President of El Salvador Nayib Bukele in his tweets stated that the meeting would be made up of representatives of thirty-two central banks and twelve financial bodies. Representatives of the states are majorly going to consist of members of different African, South American and South Asian Countries.
The main talks of the meeting would revolve around the inclusion of BTC into the country’s financial system, digitization of economies and talk about the country’s adoption of the BTC.
Emerging Markets seek to follow El Salvador’s footsteps
El Salvador is going to host representatives of several countries like Maldives, Madagascar, Pakistan and Bangladesh in the upcoming meeting.
These countries attending are commonly known as emerging markets, which shows a moderately small economic profile. The listed countries have also displayed an interest in crypto integration.
As we all know El Salvador took the bold step of adopting crypto when its state was going through a financial crisis and in 2022 it has slowly but surely continued to adopt it.
Current State of Bitcoin May Cause Issues
Even though adoption of the crypto is definitely a step in the right direction for the industry, the talks with El Salvador are coming at a very shaky period as the crypto market is going through some very turbulent times and is currently suffering one of the worst crashes it has experienced in a while.
Bitcoin, even though it has slowed down from its previous drastic decline, has dropped more than 50% from its highest price, while the crypto market as a whole has fallen by an alarming $500 billion since last week.
Due to the crypto crash, El Salvador may be looking at a possible debt default in the future. The current crypto crash is affecting the amount of BTC El Salvador has in its possession, which means the country is holding BTC at a serious loss.
An increase in the adoption of crypto will definitely be a big advantage to the ecosystem, it also serves as a big advantage to one of the biggest crypto hubs in the world.
Though there are fears and speculations brought forward by critics and analysts, who doubt the industry’s effectiveness as a means of payment and a legal tender.