El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

[JayJuanGee]

~
Bitcoin falled from $69000 to $30700 and El Salvador bought another amount of bitcoin, isn't that good enough, that is wise enough and a good investment strategy. Or you want El Salvador to sell at $30000? If bitcoin still fall, do not be surprised if El Salvador buy more bitcoin.

You are talking about a country who is struggling economically and has a huge public debt and then to invest money in a highly volatile market which lost 50 to 60% in valuations will benefit the country. If you are talking about a stable economy then the long term vision is a strong point but not for a country like El Salvador who is having a huge debt deficit.

So you (7788bitcoin) are a better expert than the President of that country regarding what El Salvador should do in terms of its budgetary trade-offs? 

Furthermore, what would make you presume that Bukele is acting beyond what he has determined to be in the better interest of his country?

Do you believe he is rogue in his actions? 

Have you considered whether Bukele might have support for what he did and what he is doing in regards to bitcoin policies that were implemented and his various buying of bitcoin directly? 

Sure we are talking about (and focusing on) bitcoin here, but doesn't governing involve making assessments and balancing of a variety of concerns too?  Some matters would be within the discretion of the president and other matters require consulting and/or approval of other governing bodies, and perhaps other matters require getting feedback from constituents.

In essence, how would you (7788bitcoin) know that you are in a better position to judge the various balances that are being considered and made in bitcoin as compared with what Bukele is doing or what the country is doing?  What if the country wants bitcoin, then should he just ignore it?  Or you just automatically presume that bitcoin is not a good option because of the seemingly lame reason that you provided above, including it's too poor to buy bitcoin?  or it bought too much?  It's like you see that someone bought bitcoin, but you presume all of their circumstances when making an assessment that they made the wrong choice, right?

[romero121]

A day back El Salvador President Nayib Bukele have removed the laser eye profile pic and the #bitcoin from his bio. The same is taken to discussion connecting it with the loss of $36m from the reserve. Later he has said thanks for reminding and I want to wear those again.

I don't see this as a loss. Still the country holds the number of bitcoins bought and they haven't sold it. If the inflation of the fiat holding is calculated, the loss will be high against ongoing market crash. Some has stated the ongoing Luna incident a rug pull and this gets followed by bitcoin.

[Newlifebtc]

since the beginning of the emergence of bitcoin we have seen how serious the country of El Salvador is in the long-term adoption of bitcoin in the country and even they became the first country to legalize bitcoin for the country's public.even where they have created how many bitcoin ATMs so that it can be done transactions by their citizens.we really hope that with the adoption from these developing countries.at least it can increase the price of bitcoin more stable as it happened a few years ago

if elon must is serious adoption of bitcoin why some people is busy saying that he doesn't like the development of bitcoin and functions of bitcoin. That means some information we get here is not reliable and is not good to follow as good example of cryptocurrency, bitcoin when it came out newly different people did not understand it and was scared of it because of how it was created and views of it continuity for future, i heard that bitcoin is not in the mind of Elon to promote but Dogecoin is on his shoulder

[Doan9269]

Some things were better left unsaid just for safety and transparency, the ambition of Elon Musk is different while that of El-Savador as well is an entire different case entirely as well, Elon is known to be a good businessman and his buys on bitcoin has nothing to do with causing a shift to bitcoin prize, El-Savador is a country that soughted for it economic stability and development through the adoption of bitcoin, and no amount of dip in volatility can make it regret this decision except bitcoin itself failed to be a currency of which is impossible, Bukele will still make an investment despite the run in dip.

[bbc.reporter]

A day back El Salvador President Nayib Bukele have removed the laser eye profile pic and the #bitcoin from his bio. The same is taken to discussion connecting it with the loss of $36m from the reserve. Later he has said thanks for reminding and I want to wear those again.

I don't see this as a loss. Still the country holds the number of bitcoins bought and they haven't sold it. If the inflation of the fiat holding is calculated, the loss will be high against ongoing market crash. Some has stated the ongoing Luna incident a rug pull and this gets followed by bitcoin.

This might be seen as a form of the beginning of Bukele's capitulation. He is not only an investor in bitcoin but he is also a leader of a 3rd world country who has enemies in politics that can criticize those bitcoin purchases as a waste of publicly owned resources. We cannot be certain if this is the beginning of something, however, it would really not shock me if El Salvador began dumping their bitcoin investments because of political pressure or because of a threat on Bukele's power.

[KennyR]

A day back El Salvador President Nayib Bukele have removed the laser eye profile pic and the #bitcoin from his bio. The same is taken to discussion connecting it with the loss of $36m from the reserve. Later he has said thanks for reminding and I want to wear those again.

I don't see this as a loss. Still the country holds the number of bitcoins bought and they haven't sold it. If the inflation of the fiat holding is calculated, the loss will be high against ongoing market crash. Some has stated the ongoing Luna incident a rug pull and this gets followed by bitcoin.

This might be seen as a form of the beginning of Bukele's capitulation. He is not only an investor in bitcoin but he is also a leader of a 3rd world country who has enemies in politics that can criticize those bitcoin purchases as a waste of publicly owned resources. We cannot be certain if this is the beginning of something, however, it would really not shock me if El Salvador began dumping their bitcoin investments because of political pressure or because of a threat on Bukele's power.

Thats true, there is more political enemies as well as there is pressure to make him term the adoption is a failure. The recent thing that indicates the pressure over President Nayib Bukele is the IMF. El Salvador will more likely fail to secure IMF funding. The country is supposed to make the $800 million bond payment by coming January. IMF failing to fund is an indirect way of hitting the country with debt. Anyhow president is quite strong with his act of cryptocurrency adoption which has made few more countries take the decision.

[romero121]

El Salvador President Nayib Bukele is striking hard with new plans. In a tweet he have said about a meet to discuss Bitcoin.



44 Countries To Meet In El Salvador To Discuss Bitcoin

The list of banks and financial authorities on the tweet falls below

Central Bank of São Tomé and Príncipe
Central Bank of Paraguay
National Bank of Angola
Bank of Ghana, Bank of Namibia
Bank of Uganda
Central Bank of the Republic of Guinea
Central Bank of Madagascar
Bank of the Republic of Haiti
Bank of the Republic of Burundi
Central Bank of Eswatini and its Ministry of Finance
Central Bank of Jordan
Central Bank of The Gambia
National Committee of Banks and Seguros of Honduras, Directorate General of Treasury
Ministry of Finance and Budget, Madagascar
Maldives Monetary Authority
National Bank of Rwanda
Nepal Rastra Bank
Sacco Societies Regulatory Authority (SASRA), Kenya
State Bank of Pakistan
General Superintendency of Financial Entities of Costa Rica
Superintendence of the Popular and Solidarity Economy of Ecuador
Central Bank of El Salvador

“Central bankers from Angola, Armenia, Bangladesh, Burundi, Congo, Costa Rica, Egypt, Gambia, Ghana, India, Namibia, Senegal, Sundan, Uganda, Zambia and 25 other developing countries are getting on planes today to fly to El Salvador.”

This is a big step taken forward by El Salvador President Nayib Bukele. We don't know how this gonna make impact on the bitcoin. Anyhow this is a much needed one for the betterment and increased adoption of bitcoin.

[Odusko]

This is going to be the first and biggest cryptocurrency discussion in history since Bitcoin development, a lot of discussions have been held before but that is not at a national level like what the president of El Salvador is holding this time, and with the attendees being the head of countries financial institutions a lot of digital asset policies are going to be developed in a short time from now. This is a welcome development and big up to the President for this move amidst the current market condition this I most say will serve as a big motivation for many investors.

[dunfida]

This is going to be the first and biggest cryptocurrency discussion in history since Bitcoin development, a lot of discussions have been held before but that is not at a national level like what the president of El Salvador is holding this time, and with the attendees being the head of countries financial institutions a lot of digital asset policies are going to be developed in a short time from now. This is a welcome development and big up to the President for this move amidst the current market condition this I most say will serve as a big motivation for many investors.

That would really be a good showoff on how someone could able to hold out their bitcoins in times of red or bearish condition.Its really good to know that there are some conference in discussion about making

Bitcoin as a legal tender.Of course those countries or attendees would neither be seeing its cons or pros after the discussions and it would vary on how this meeting would really be ending up.

Its amazing that on how El Salvador is taking out this red market which despite of freaking out, they do rather stay calm and even having considerations on buying even more cheaper coins.

[Doan9269]

This is going to be the first and biggest cryptocurrency discussion in history since Bitcoin development

Am excited that through El-Savador, many countries will have a new approach to bitcoin and it adoption, among the countries that will be in attendance, i want to specifically speak about Nigeria which has it government ban any cryptocurrency transactions through it financial authorities and now going to be in attendance in El-Savador sending delegates, not only that but the goodnews is that the government for the first time is giving serious consideration about Cryptocurrency Nigeria’s SEC Affirms All Digital Assets Are Securities in New Rulebook and how it can regulate some aspect of it, which means it has develop liniency to it citizens to an extent on the use of bitcoin among other crytos, am excited because despite the overpopulation of the country and the Involvement of it citizens in cryptocurrency, the government later gives a supportive hands.

this can be remarked a success in the interest of the government approach, amidst several speculations on bitcoin prize, Bukele buy more bitcoins and now holding the world in conference, adoption all over the world is unveiling gradually as this is just a tip of it global adoption starting, not until bitcoin surge back high they will all have realized what they were missing out.

[Odusko]

Am excited that through El-Savador, many countries will have a new approach to bitcoin and it adoption, among the countries that will be in attendance, i want to specifically speak about Nigeria which has it government ban any cryptocurrency transactions through it financial authorities and now going to be in attendance in El-Savador sending delegates, not only that but the goodnews is that the government for the first time is giving serious consideration about Cryptocurrency Nigeria’s SEC Affirms All Digital Assets Are Securities in New Rulebook

Point of correction Nigeria is not among the list of countries attending the conference.
Indeed El Salvador has set the standard for other countries to follow and with this conference being held by the El Salvador president with representatives of various financial institutions around the world being in attendance their will definitely be a good development after this conference and many countries will have different opinion about Bitcoin and it legal responsibility within a jurisdiction.
I also read about the sec decision to tax cryptocurrency businesses in Nigeria even though the fees charged to operate such business was high but the regulation will atlist move the stance of the Nigerian government on cryptocurrency from ban to regulation which is a welcome development.

[_act_]

Am excited that through El-Savador, many countries will have a new approach to bitcoin and it adoption, among the countries that will be in attendance, i want to specifically speak about Nigeria which has it government ban any cryptocurrency transactions through it financial authorities and now going to be in attendance in El-Savador sending delegates, not only that but the goodnews is that the government for the first time is giving serious consideration about Cryptocurrency Nigeria’s SEC Affirms All Digital Assets Are Securities in New Rulebook

Point of correction Nigeria is not among the list of countries attending the conference.

Nigeria is among

You can check Nayib Bukele, El Salvador president's tweet to see the full lists, totalled 44.

https://twitter.com/nayibbukele/status/1526029996787216387?s=20&t=aH6JWjgmCRdEKL5Z2pyjaA

Here is the full lists according to the link I post above

Banco Central de São Tomé e Príncipe
Banco Central del Paraguay
Banco Nacional de Angola
Bank of Ghana
Bank of Namibia
Bank of Uganda
Banque Centrale de la République de Guinée
Banque Centrale de Madagascar
Banque de la République d'Haiti
Banque de la République du Burundi

Central Bank of Eswatini
Ministry of Finance of Eswatini
Central Bank of Jordan
Central Bank of The Gambia
Comisión Nacional de Bancos y Seguros de Honduras
Direction Générale du Trésor, Ministère des Finances et du Budget, Madagascar
Maldives Monetary Authority

National Bank of Rwanda
Nepal Rastra Bank
Sacco Societies Regulatory Authority (SASRA) Kenya
State Bank of Pakistan
Superintendencia General de Entidades Financieras de Costa Rica
Superintendencia de la Economía Popular y Solidaria de Ecuador
Banco Central de El Salvador

Central Bank of Egypt
Central Bank of Jordan
Central Bank of Nigeria
Ministère de l'Economie, des Finances et du Plan du Sénégal
Superintendencia de Bancos de la República Dominicana
Banque Centrale de Mauritanie
Banque Centrale du Congo
Central Bank of Armenia
Bangladesh Bank

Banco de Moçambique
Bank Al-Maghrib (Morocco)
Bank of Sierra Leone
Bank of Zambia
Central Bank of Lesotho
Central Bank of Liberia
Central Bank of Sudan
Financial Regulatory Commission of Mongolia
Ministry of Finance, Zambia
Palestine Monetary Authority
Reserve Bank of Malawi

[bakasabo]

According to Bukele twitter, the meeting with bank representatives will last for more 2 days, but hardly any conclusion has been made so far from this meeting. We only know that people on this meeting "enjoy talks about banking and Bitcoin". To me, this looks like a banquet for rich people to meet, chat and have fun. I hope this wont be just a meeting of higher ranks to discuss what they already know and make no new steps towards adoption.

[Wiwo]

To me, this looks like a banquet for rich people to meet, chat and have fun. I hope this won't be just a meeting of higher ranks to discuss what they already know and make no new steps towards adoption.

Regardless of what the topic of discussion may be, having the Central bank executives from various countries around the globe assembling ole objective Bitcoin either it for just discussion or some financial policy analysis and regulations framework the advantage is President Bukele is trying to create a platform for Bitcoin connection with the centralized institutions and also putting policy into action since the conference is going on in the Bitcoin Beach we're paying for services around the venue of the conference are done with Bitcoin but attendees can choose to use the dollar anyways.

[DdmrDdmr]

There’s not much information on how these meetings are developing, and what their outcome may be, but as per the below referenced link (Google translated), there seems to be a fair share of showing and learning going on during the 3 day event -  i.e. attendants downloading and installing the Bitcoin Beach Lightning wallet, and Q&As such as:

Some of the questions asked:
- how do we ensure consumer protection with bitcoin?
- if the price go down, how can we refund the user for what they lost?
- why are the benefits of bitcoin versus CBDC?
- how to prevent money laundering?

See: https://twitter.com/nicolasburtey/status/1526346987121025029

The above are just a few reported samples, but they do denote that (some/many) attendants are possibly close to their first encounter with BTC, and may be there more to learn, than to really be moving towards anything close to BTC adoption as legal tender for now. But it will get people thinking, which is something to appreciate. 


See:
https://www-diariobitcoin-com.translate.goog/bitcoin/el-salvador-muestra-su-experiencia-con-bitcoin-a-autoridades-de-44-paises-pero-pequenos-comerciantes-se-niegan-a-usarla/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

[JayJuanGee]

There’s not much information on how these meetings are developing, and what their outcome may be, but as per the below referenced link (Google translated), there seems to be a fair share of showing and learning going on during the 3 day event -  i.e. attendants downloading and installing the Bitcoin Beach Lightning wallet, and Q&As such as:

Some of the questions asked:
- how do we ensure consumer protection with bitcoin?
- if the price go down, how can we refund the user for what they lost?
- why are the benefits of bitcoin versus CBDC?
- how to prevent money laundering?

See: https://twitter.com/nicolasburtey/status/1526346987121025029

The above are just a few reported samples, but they do denote that (some/many) attendants are possibly close to their first encounter with BTC, and may be there more to learn, than to really be moving towards anything close to BTC adoption as legal tender for now. But it will get people thinking, which is something to appreciate. 


See:
https://www-diariobitcoin-com.translate.goog/bitcoin/el-salvador-muestra-su-experiencia-con-bitcoin-a-autoridades-de-44-paises-pero-pequenos-comerciantes-se-niegan-a-usarla/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

Even though the countries are relatively small, it seems like a pretty BIG deal to me, even if some members here want to poo-poo the whole matter as if it is some kind of detached gathering of the elite.

Just considering the whole context in which these countries are pretty damned close to the poorest of the poor, and even it we are getting representatives of the elitest of the elite within those poor countries does not cause the whole gathering to be some kind of meaningless gathering of elitists .. and any kind of gathering of traction for something new like bitcoin will likely take a decent amount of time, and this kind of practical gathering surely will allow some of these folks to both learn about various aspects of bitcoin and also to bring those kinds of discussions back to their home countries.. and I am wondering about the extent to which they are planning future meetings... 

Is this going to become an annual meeting?  If so I would suspect it would be a growing type event.. just like bitcoin and its adoption seems quite obviously to be a growing type event - even if folks are constantly proclaiming that bitcoin is not growing fast enough blah blah blah.. There are many of us who have been in bitcoin for a decent number of years who are both NOT completely surprised about where we are at and how much growth/adoption that we are getting, but at the same time surprised at the same time about how well matters continue to be working out with bitcoin in terms of ongoing spreading of the word and spreading of the various kinds of usage of bitcoin and ways of talking about bitcoin... at all kinds of levels in society, through all kinds of actors constituted by individuals, institutions, governments.

Surely some BIG players (such as status quo rich) retain some level of hostilities in their considerations about bitcoin, but the lower and middle tier individuals, institutions and even government are likely going to continue to consider ways in which they are advantaged in terms of both knowing about bitcoin and employing actions that increasingly bring bitcoin into their wheel house of potential available options.

Rome was not built in a day, right?

[Doan9269]

Point of correction Nigeria is not among the list of countries attending the conference

Set to attend the event are officials from countries such as Paraguay, Angola, Ghana, Namibia, Uganda, Guinea, Madagascar, Haiti, Burundi, Eswatini (Swaziland), Jordan, Gambia, the Honduras, Maldives, Rwanda, Nepal, Kenya, Pakistan, Costa Rica, Ecuador, Egypt, Nigeria, Senegal, Dominica, Mauritania, Congo, Armenia, and Bangladesh, said an announcement late Sunday. https://www.aa.com.tr/en/americas/el-salvador-holding-meeting-on-bitcoin-with-participation-of-44-countries/2589839#:~:text=Set%20to%20attend%20the%20event,Mauritania%2C%20Congo%2C%20Armenia%2C%20and

.   .   .   

though am not a fan to argument but i think i so much believe in what is in written and seen than what is assume to be without fact, from the statement people sees on news blogs it was mentioned only few list of the countries attending the meeting and the statement conclude that "among other 25 countries to be in attendance" of which Nigeria is among, maybe we should have a look at this from Nayib Bukele official Twitter handle. https://www.thecable.ng/nigeria-among-44-countries-meeting-in-el-salvador-to-discuss-bitcoin/amp the only thing i may not talk about here are those making it in attendance.

[Odusko]

Point of correction Nigeria is not among the list of countries attending the conference

.   .   .   

though am not a fan to argument

Apologies mate I did not see the complete list of attendees that was why I made that statement of Nigeria not being on the list of the 44 countries attending the conference in El Salvador, until this user mentioned it here

Central Bank of Nigeria

Am glad the El Salvador president is able to assemble those officials of the central banks of even the most unfriendly Bitcoin countries and most importantly to discuss financial inclusion, this will most likely change the mindset of most of the world leaders about Bitcoin adoption.

[estenity]

https://twitter.com/BitcoinMagazine/status/1527061821932421120

apparently, an excellent idea to adopt bitcoin now, especially in salvador, and to explain it to others.

[_act_]

https://twitter.com/BitcoinMagazine/status/1527061821932421120

apparently, an excellent idea to adopt bitcoin now, especially in salvador, and to explain it to others.

Only seven countries mentioned by BitcoinMagazine but I like that Venezuela which is the last on the list is included among because it has the worst inflation rate in the world. But if you want to check the full list, you can use the site below.

https://tradingeconomics.com/country-list/inflation-rate?continent=world

On the site, you can check the inflation rate in each country in the world, you can check for countries in each continents and also for G20 countries.

A good reason to use bitcoin is the inflation of fiat in each countries, the governments are only centrally controlling their fiat to make inflation possible and citizens are holding fiat in bank in fixed deposit account and get devalued.