El Salvador Invites Over 40 Central Banks for International Event on Bitcoin. What Significances could this Conference have for the Bitcoin and the Cryptoecosystem has a whole?

El Salvador President Nayib Bukele has another surprise up his sleeve after buying the plunge and adding 500 BTCs to the national coffers. Bukele declared less than 24 hours before the event that the country will host an international conference of central bank representatives today.

El Salvador will hold an international bitcoin event on Monday, with 44 central banks and key financial organizations invited, according to El Salvador President Nayib Bukele.

Officials from these countries are expected to address El Salvador's acceptance of bitcoin and its benefits in three important areas: financial inclusion, digital economy, and banking for the unbanked.

The event will include central banks and financial institutions from Egypt, Bangladesh, Nigeria, Sao Tome, Pakistan, Nepal, Kenya, Paraguay, Angola, Ghana, Namibia, Uganda, Guinea, Madagascar, Haiti, Burundi, Eswatini, Jordan, Gambia, Maldives, Rwanda, Costa Rica, and El Salvador, among others.

In my opinion it will be only speculative to say what results the conference could yield. However it would be expected that Bitcoin adoption would be the chief topic and it pros and cons. El Salvador is a Bitcoin champion and it would only be expected that how Bitcoin adoption would benefit the hosted countries would be discussed. There have been an increase in government policies governing Bitcoin with some totally banning all cryptocurrencies use while others like El Salvador choosing to adopt the cryptocurrency. Other countries have taken to studying blockchain and how it will affect their country. Bitcoin's utility can not be denied however it remains to be seen if it can be better utilized has a store of value or a currency.

I think it is in the best interest of countries to adopt the use if cryptocurrencies.

We have seen the blockchain ecosystem experience phenomenal growth and innovative projects in the ecosystem gain traction such as Silks a blockchain-based metaverse that enables users to own, trade, and profit from thoroughbred racing horses, Shiryo-Inu is an NFT trading card game, a play-to-earn game platform based on the Ethereum network, Sandbox is like the metaverse-equivalent of MineCraft in terms of its design and functionality. It like a real estate on the metaverse, Decentraland an online world that allows users to create their own avatars and purchase plots of virtual land. This signifies the increasing popularity of blockchain platforms and how they might come to be an important part of our life.

The IMF has criticized El Salvador adoption calling it a thoughtless gamble and that it will destabilize the country. Cryptocurrencies are gaining more popularity with more people choosing to adopt them in place of fiat and commodities like Gold. With this increase in demand of cryptocurrencies there is the need for government to enter the crypto space or be left out. The Conference hopefully makes these countries realize that the pros of adopting cryptocurrencies far outweigh the cons.

News Source: https://cryptopotato.com/el-salvador-invites-over-40-central-banks-for-international-event-on-bitcoin/