by - El Salvador hosted central bankers and financial authorities from 44 countries for a financial integration event this week.
- All participating members could download their own Bitcoin wallets and make purchases with BTC.
- In July 1944, 44 countries met to determine Bretton Woods’s financial system. Once again, 44 countries came together to learn a new system.
On May 15, El Salvador’s President Nayib Bukele announced that 32 central bankers and 12 economic authorities from 44 countries would meet in his country for an event on financial integration and unbanked banking through Bitcoin’s digital economy.
The event, organized by the Central Bank of El Salvador and known as the Digital Financial Services Working Group and the SME Financing Working Group, focused on financial integration after a two-year hiatus due to the COVID-19 pandemic. All participating countries are members of the Alliance for Economic Integration (AFI).
However, doubts were raised about the relationship between the event and Bitcoin – and whether it existed from the beginning.
A Bitcoin event?
Galoy, the open source software company that developed the Bitcoin Beach wallet, wrote a blog post titled “Central Bankers Definitely Didn’t Come to El Salvador to Discuss Bitcoin,” Boukele’s statements may misinterpret the intent of the event.
The blog post boasts a number of images from the event that show many of the participants actively learning and enjoying the Bitcoin ecosystem, dismissing these categories for misleading description.
Roman Martinez (Chimbera) and Nicolas Burtey, community leaders at Bitcoin Beach, share the story of the initiative and give an introduction to Bitcoin and the Lightning Network at the event.
Galoy
Outside the boardroom, the Bitcoin Beach wallet team shows participants how to download and use a Lightning wallet.
Galoy
After installing Lightning wallets, participants were able to start trading in bitcoin and some chose to buy coffee and coconuts with that vendor.
Galoy
“Twitter has been on fire with posts about whether this was a Bitcoin event or not. It was not – it was a manifestation of economic integration. “Bitcoin happens to be the most comprehensive financial network in the world,” according to a post on Galoy’s blog.
Even the AFI has addressed these concerns on its website, saying: “The meetings are also in line with the national financial integration strategy recently launched in El Salvador, which prioritizes digitization and access to finance for small businesses “.
A visit to Bitcoin beach
On May 19, the last day of the event, 90 central bankers and financial authorities from all participating countries traveled to Bitcoin Beach in El Zode, El Salvador so they can download their own Bitcoin wallets and experience a new financial system with their own hands.
After the financial authorities discovered bitcoin, they could not but gather for a souvenir video and photography where they are heard shouting “Bitcoin!” in the beautiful landscape of El Zonte.
The vendors who attended the event were excited to attend, and one particular fruit vendor famous that the central bankers “looked excitedly at how we use BTC in the area”. Speaking of sellers, the Bitcoin swag sold for BTC to participants quickly ended and Bitcoin Beach Twitter account took care to remind themselves to bring more products for a possible next batch.
At least some of the bankers will experience a more refreshing – and Bitcoiner – ordinary Friday this coming weekend.
