Cryptocurrency Use: CABEI to Advise El Salvador

In order to assess risks, verify regulation and other issues, the Central American Bank for Economic Integration will provide the Salvadoran government with advice on the implementation of the new cryptocurrency scheme, called Bitcoin.

Tuesday, June 15, 2021

On June 8, the Legislative Assembly of El Salvador approved the Bitcoin Law, a legal framework that recognizes this digital currency as legal tender in the country.

Bitcoin is a digital currency, which was created in 2009 and is used under transactions without intermediaries, i.e. it works in a decentralized manner. Because El Salvador became the first country to recognize this currency as legal tender, the Central American Bank for Economic Integration (CABEI) has decided to advise it.

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Dante Mossi, CABEI president said that "... the Bank, always attentive to the needs of its member countries, not only in the provision of loans, but also technical assistance, we hope that with this first step a series of actions will be developed that will allow the implementation of new forms of business in the Central American region."

Mossi added that "... in this technical assistance, we are selecting experts to advise on how to implement this reform, including risk assessment, regulation, financial education, investment plan, among other issues."

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