El Salvador’S Btc Bretton Woods Conference: Key Highlights

Jeremy Woods
Jul 15, 2022   •  0 views

In 1944, we saw 730 delegates from 44 nations gathered at the place known as Bretton Woods at the known hotel - MW Hotel. It was called the Bretton Woods Conference. The critical agency of the conference was to discuss the new global monetary order which would come after the second world war. In a nutshell, the forum talked about adopting a new financial system that can help discourage adversarial economic policies as found in the Great Depression age. We see the price of the gold remained fixed, and the cost was decided as 35 USD. You can redeem the gold with this amount. So, it is related to the current context, mainly when nations like El Salvador have adopted Bitcoin as their legal tender. If you are willing to explore this cost, you can gain the result on sites like Purchasing Bitcoin- for more. Here we will get an overview of the topic: 

The AFI Summit 

After one decade, the same number of countries sent their regulators from central banks to El Salvador for the AFI Summit or Alliance for Financial Inclusion. It was not a Bitcoin event as many fake posts on social media proclaimed in the recent past. This currency's objective was only to ensure financial services were easily accessible to the unbanked spaces. Several costs are involved in passing with the credit-based payment systems that work well in settling the payment option. All these demerits can help in making the Bitcoin network. Several examples found in 201 talks about the 29 per cent of people in the country having a bank. However, the Chivo Bitcoin wallet came up with 2.6 million users worldwide. Since Bitcoin was seen becoming a legal tender last year, Bitcoin is undoubtedly going to become inclusive for the network in the world. 

Nayib Bukele on the Conference 

The whole discussion about the conference came when Nayib Bukele, the president of El Salvador, went on the microblogging site and tweeted. He informed me that the meeting discussed several issues: The digital economy, banking and nonbanking, to name a few. It also discussed the benefits of Bitcoin adoption in El Salvador as a legal tender. He claimed that the conference occurred at a time when the world came with several shaky issues. It did give many more rising inflation levels and commodity prices along with several geopolitical tensions due to the Russia and Ukraine war. However, the conditions in the Ukraine war seemed different than the 1944 world war. They claimed that many of the assets are not seen as risk-free assets that went as a diversification from any freezable assets. You can find it to be a matter of national security. 

El Salvador's bitcoin adoption journey

The conference held in El Salvador mostly talked about financial inclusion. However, at the same time, it allowed the country to talk about its unique decision to adopt Bitcoin. It gave the president of the country to speak about their journey with Bitcoin before many financial policymakers. They had a BTC-based panel in the market, and it was lined up to present the two big business people known as N Burtey and R Martinez behind the Bitcoin Beach. As shown in the conference, they talked a lot about Bitcoin Beach and its history. It is a payment system that came to deal with Bitcoin on the network known as LN. Also, we can find many people attending the conference going to tour Bitcoin Beach, which was able to find out the financial inclusion as per BTC norms going up and down. 

During their stay, they got the chance to buy a hot drink and coconut with Bitcoin using the said network (Lighting Network), and then they exchanged BTC for dollars at one of the Bitcoin-based ATMs. As per the BTC Beach developer known as Galoy, the delegates at the conference had the chance to transact in Bitcoin, thus getting a real-time experience of the country's digital economy and financial system. He called financial inclusion a trojan horse that led to the gradual BTC adoption in the market of developed nations. The conference also declared three more countries to join the bandwagon of Bitcoin, soon making it a legal tender.