El Salvador President Nayib Bukele said on Sunday that the country will host delegates from 44 countries this week to discuss Bitcoin.
Bukele said in a series of tweets that delegates from 44 countries, consisting of 32 central banks and 12 financial authorities will meet in El Salvador to talk financial inclusion, economic digitization and the country’s famous Bitcoin adoption.
Delegates attending the talk appear to be from a mix of South American, African and South Asian countries.
Is El Salvador setting an example for emerging markets?
The country will host delegates from several countries, including Pakistan, Bangladesh, Paraguay, Haiti, Madagascar, and Maldives.
A common trend among the countries attending the talk is also that most of them are from emerging or frontier markets, indicating a relatively small economic profile. These types of countries have also usually led the charge in crypto adoption.
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While Bitcoin isn’t a good inflation hedge for U.S. traders, emerging markets, which face much higher inflation rates, may see the token offering more value. For instance, countries such as Turkey and Argentina, which recently saw inflation surge to 50%, have seen a corresponding pick-up in crypto adoption.
El Salvador had also adopted Bitcoin during a period of economic weakness in the country- a trend that has continued into 2022. The Central African Republic also recently adopted Bitcoin as legal tender on a similar notion.
Bitcoin crash may challenge adoption
But while adoption is certainly positive for crypto, El Salvador’s conference comes amid one of the worst crypto crashes seen in recent times. Bitcoin has slumped more than 50% from its record high, while total crypto market capitalization fell by over $500 billion last week.
El Salvador may also be looking at a possible debt default due to the crypto crash, a report showed last week. The country is holding Bitcoin at a major loss.
Still, increased adoption may eventually prove to be a net positive for the world’s largest cryptocurrency. But critics have questioned its viability as a payment system, considering recent volatility.
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