In a viral post on Twitter, the President Nayib Bukele announced that central banks from 44 countries will meet in El Salvador tomorrow.
Does El Salvador have enough helictopers to transport the delegates, you may wonder. The tweet sent out on Monday morning European time is breaking Twitter. 32 central banks from around the world are about to come together in El Salvador to talk Bitcoin.
The prominent gathering is set to discuss bitcoin, country level adoption and the implications of legal tender legislation. President Bukele stated that 32 central banks as well as 12 financial authorities will meet to “discuss financial inclusion, digital economy, banking the unbanked, the #Bitcoin rollout and its benefits in our country.”
The complete list of institutions that will attend:
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
Considering this lineup, we can only imagine the impact this meeting will have. But unlike the infamous meeting of Jekyll Island that was secretly building the centralized Federal Reserve Bank, the meeting in El Salvador is publishing the list of attendees.
Bukele needs friends and allies. His bitcoin strategy has been laughed at, was heavily criticized and even caused the IMF to send out a warning.
Central banks of western countries such as the European Central Bank, the FED or German Bundesbank are not on the list. Clearly the event is catered for smaller countries. Countries that may have not been on the winning side of the fiat standard. The fiat standard means endless debt and corruption, a hindrance for economic growth and prosperity. A system that gives advantage to a few.
Small countries and so called emerging markets have better chances to see bitcoin adoption due to more agile governance and higher pressure to solve poverty. Is Bukele hoping to win imitators through the event? It would certainly be great to see more countries follow the example set by Bukele.
With the legal tender law, El Salvador has a way out of the dependency to the US. With Bitcoin, alternative payment rails can easily replace international banking relationships in case of political disagreements.
Smaller countries around the world should seek to get rid of the debt based model and fractional reserve banking as it always ends in disaster. With Bitcoin, any nation in the world can adopt a long-term fiduciary strategy that benefits everyone.