The CABEI [Central American Bank for Economic Integration] has identified remittances as a crucial aspect of El Salvador’s Bitcoin [BTC] adoption policy.
In line with an official report by Reuters earlier on Tuesday, the regional development bank expects other Central American nations to pay close attention to Bitcoin’s impact on remittance costs in El Salvador.
In an interview with Reuters, Dante Mossi, executive president of CABEI, outlined that neighboring countries are going to be incentivized to follow El Salvador’s example if Bitcoin offers significant cost reduction within the remittance market.
The CABEI executive described El Salvador’s Bitcoin adoption policy as an “out of this world experiment” that would foster greater financial inclusion within the country. Thus, the regional bank helps El Salvador to make a technical framework for Bitcoin adoption.
As per Carlos Sanchez, investment chief at CABEI, the regional bank is keen on helping El Salvador ensure compliance with global money-laundering rules as the country attempts to utilize Bitcoin as a parallel currency. Sanchez described the method as being like navigating “yet to be explored” waters.
CABEI’s technical assistance flies within the face of opposition and criticism from the International funds. Indeed, this move might be seen as a sign of Bitcoin’s ability to drive significant monetary policy discussions, a minimum of on a national and regional level, even if the worldwide financial establishment remains anti-Bitcoin.
Earlier in June, economist Steve Hanke warned that Bitcoin might destroy El Salvador’s economy, while Fitch Ratings has also raised alarms that the country’s Bitcoin Law might pose risks to native insurers.
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