On 16th May, El Salvador President Nayib Bukele is set to host bank representatives from 44 countries to discuss financial inclusion, digital economy, banking the unbanked, El Salvador’s Bitcoin rollout, and its benefits in the country.
Sharing the news via Twitter, Bukule stated that 32 central banks and 12 financial authorities would be attending the meeting.
The participants include the Central Bank of Paraguay, State Bank of Pakistan, General Superintendency of Financial Entities of Costa Rica, Superintendence of the Popular and Solidarity Economy of Ecuador, and the Central Bank of El Salvador to name a few.
On Friday, May 13, the Twitter account for Bitcoin Beach announced that “Central bankers from Angola, Armenia, Bangladesh, Burundi, Congo, Costa Rica, Egypt, Gambia, Ghana, India, Namibia, Senegal, Sudan, Uganda, Zambia, and 25 other developing countries are getting on planes today to fly to El Salvador.”
Shortly after President Bukele’s official announcement, Bitcoin Beach tweeted out a map of the world that highlighted countries who have either adopted BTC already or are attending Monday’s meeting filled in with color, saying “Probably nothing.”
El Salvador’s president went all-in on Bitcoin
According to Bloomberg data, Bukele’s administration has spent a total of $103 million on 2,301 bitcoins since making bitcoin legal tender in September 2021. It has also witnessed the value of its massive cryptocurrency investment plummet by $36 million as bitcoin dropped over 50% from its all-time high on 12th May.
This brings the valuation of the coin to around $67 million. The Central American nation currently owes an estimated $23.3 billion in national debt.
Bukele’s bullish investment in cryptocurrency has led to a divided reception by the country’s citizens, with past bitcoin protests drawing thousands of attendees.
Despite all the criticisms and the nation’s burgeoning debt issue, the Salvadoran Strongman remained undeterred and went ahead with his Bitcoin purchase, declaring “El Salvador just bought the dip!” on May 9.
The investment was the country’s largest to date, adding 500 BTC, priced at an average of $30,744 each to its reserves.
That said, Bukele’s latest meeting announcement that invited top regulators around the world would be closely watched by both proponents and cynics.