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The Central American Bank for Economic Integration (CABEI), which has 15 member countries, will help El Salvador implement bitcoin as legal tender. The CABEI president has expressed his support. âWeâre very optimistic,â he said.
Central American Bank for Economic Integration Supports El Salvadorâs Bitcoin Law
The head of the Central American Bank for Economic Integration (CABEI) expressed his support for El Salvadorâs bitcoin law Monday. CABEI Executive President Dante Mossi said that the bank will give El Salvador technical assistance to implement bitcoin as legal tender. Last week, El Salvador became the first country in the world to pass a law making the cryptocurrency legal tender.
The CABEI has 15 member countries: Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, Dominican Republic, Belize, Mexico, Republic of China (Taiwan), Argentina, Colombia, Spain, Cuba, and Korea. The bankâs objective is to âpromote the economic integration and the balanced economic and social development of the Central American region,â its website details.
Mossi said his organization will work with El Salvadorâs finance ministry and central bank to select a team to work on the implementation, Reuters reported.
Mossi believes that the move to make bitcoin legal tender would offer many benefits to people in El Salvador. For example, it would lower the cost of remittances for relatives of Salvadorans living abroad, he explained, adding:
Weâre very optimistic.
The CABEI executive president also called on El Salvadorâs government to develop a regulatory framework for bitcoin in order to prevent âbad actorsâ from taking advantage of the systemâs anonymity, the publication conveyed.
Following El Salvadorâs move to make bitcoin legal tender, lawmakers in a number of Latin American countries have expressed their interest in bitcoin. The countries include Paraguay, Argentina, Panama, Brazil, and Mexico. Moreover, Tonga and Tanzania have also reportedly expressed interest in bitcoin.
Do you think other CABEI member countries will follow El Salvadorâs lead and make bitcoin legal tender? Let us know in the comments section below.
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