Central American Bank for Economic Integration Helps El Salvador Implement Bitcoin as Legal Tender

The Central American Bank for Economic Integration (CABEI), which has 15 member states, will help El Salvador implement bitcoin as legal tender. The head of CABEI expressed his support. “We are very optimistic,” he said. Central American Bank for Economic Integration Supports El Salvador's Bitcoin Law The head of the Central American Bank for Economic Integration (CABEI) voiced support for El Salvador's bitcoin law on Monday. CABEI Chief Executive 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 states: Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, Dominican Republic, Belize, Mexico, Republic of China (Taiwan), Argentina, Colombia, Spain, Cuba and Korea. The purpose of the bank is to "promote the economic integration and balanced economic and social development of the Central American region". Mossi said his agency will work with the Treasury Department and El Salvador's central bank to select a team to work on the app, Reuters reported. Mossi believes the move to make bitcoin legal tender will bring many benefits to people in El Salvador. For example, he explained that he will reduce the cost of money transfers for relatives of Salvadorans living abroad, adding, “We are very optimistic. The publication also urged the El Salvadoran government to develop a regulatory framework for bitcoin to prevent "bad actors" from taking advantage of the system's anonymity. Following El Salvador's move to make bitcoin legal tender, lawmakers in several Latin American countries have expressed interest in bitcoin. Countries are Paraguay, Argentina, Panama, Brazil and Mexico. In addition, Tonga and Tanzania are reportedly among them.

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