Neighboring countries will follow El Salvador’s example of Bitcoin : Dante Mossi

Dante Mossi claimed that other neighbouring countries may follow El Salvador’s decision. Because the initiative of El Salvador has significant potential to reduce the cost of remittance.

To adopt Bitcoin as a legal currency, El Salvador’s president faces much criticism. But also from time to time they got better response from experts & few authorities, where they praised the decision of Nayib Bukele. Now CABEI’s executive president said that El Salvador’s president’s decision is right and it can influence other countries also. 

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The president of the Central American Bank for Economic Integration (CABEI), Dante Mossi, talked to Reuters and said that neighboring countries in the region of central America may get influence because of El Salavador. Because the decision of the government of El Salvador to adopt Bitcoin as a currency will bring a significant reduction in the cost of the remittance. 

Dante also explained El Salvador’s Bitcoin law and said that it can bring financial inclusion at a better level. And the local banks of El Salvador are helping the government authorities to make a better framework to adopt bitcoin as a legal currency. 

Read also: El Salvador Will Not Get Any Support By World Bank For Bitcoin Infrastructure

The investment chief at CABEI, Carlos Sanchez, said that regional banks are helping to make a framework so that all the rules like AML can comply with the use of Bitcoin. So with the use of Bitcoin as a parallel currency, El Salvador wants to comply with the global money laundering rules.

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