Central American Bank Will Help El Salvador Apply Bitcoin As A Payment Tool

El Salvador gets help from the Central American Bank (Claudio Schwarz-Unsplash)

JAKARTA – El Salvador is not alone in its efforts to implement Bitcoin (BTC). The country led by Nayib Bukele will be assisted by the Central American Bank for Economic Integration (CABEI).

According to Bitcoin News, CABEI Chief Executive, Dante Mossi, has expressed his support for El Salvador. He said that the bank would provide technical assistance to El Salvador to implement Bitcoin.

This announcement came after the United States rejected El Salvador's request. Some time ago, El Salvador became the first country to legalize Bitcoin as a legal tender other than the US dollar.

CABEI has 15 member countries including Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, Dominican Republic, Panama, and several non-regional member countries namely Mexico, Cuba, Belize, Argentina, Colombia, Spain, Taiwan, and Korea.

The bank's vision is to "promote economic integration and balanced economic and social development in the Central American region", as quoted from the official CABEI website.

Launching Reuters, the President of CABEI explained that his party will work closely with the Ministry of Finance and the central bank of El Salvador in forming a team for the implementation of Bitcoin as a means of payment.

In addition, Mossi also believes that the implementation of Bitcoin will provide several benefits for the citizens of El Salvador. One of them is the reduction of money transfer fees for relatives abroad.

"We are very optimistic", said Mossi.

In addition to the offer of assistance, CABEI also stressed the government of El Salvador to take action against “bad actors” who try to take advantage of the implementation.

On the other hand, several other Latin American countries are planning to follow El Salvador's lead in adopting Bitcoin such as Paraguay, Argentina, Brazil, Mexico, and Panama.