Economic integration

Central American Bank for Economic Integration to help El Salvador implement Bitcoin as legal tender

The Central American Bank for Economic Integration (CABEI), which has 15 member countries, will help El Salvador implement bitcoin as legal tender. The president of CABEI expressed his support. “We are very optimistic,” he said.

Central American Bank for Economic Integration supports Salvadoran Bitcoin law

The head of the Central American Bank for Economic Integration (CABEI) on Monday expressed his support for Salvadoran bitcoin law. CABEI Executive Chairman Dante Mossi said the bank will provide technical assistance to El Salvador to implement bitcoin as legal tender. Last week, El Salvador became the first country in the world to pass a law making cryptocurrency legal tender.

CABEI has 15 member countries: Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, Dominican Republic, Belize, Mexico, Republic of China (Taiwan), Argentina, Colombia, Spain, Cuba and Korea. The bank’s objective is to “promote economic integration and balanced economic and social development in the Central American region”, details its website.

Mossi said his organization would work with El Salvador’s finance ministry and central bank to select a team to work on the implementation, Reuters reported.

Mossi believes the decision to make bitcoin legal tender would provide many benefits to residents of El Salvador. For example, it would reduce the cost of remittances for relatives of Salvadorans living abroad, he explained, adding:

We are very optimistic.

CABEI’s executive chairman also called on the Salvadoran government to develop a regulatory framework for bitcoin to prevent “bad actors” from taking advantage of the anonymity of the system, the publication said.

Following El Salvador’s decision to make bitcoin legal tender, lawmakers in several Latin American countries have expressed interest in bitcoin. Countries include Paraguay, Argentina, Panama, Brazil, and Mexico. In addition, Tonga and Tanzania have also reportedly expressed interest in bitcoin.

Do you think other CABEI member countries will follow El Salvador’s lead and make bitcoin legal tender? Let us know in the comments section below.

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