{"id":465552,"date":"2021-06-15T14:11:57","date_gmt":"2021-06-15T14:11:57","guid":{"rendered":"https:\/\/wncen.com\/?p=465552"},"modified":"2024-06-11T13:56:22","modified_gmt":"2024-06-11T13:56:22","slug":"cabei-support-bitcoin-law-el-salvador","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cabei-support-bitcoin-law-el-salvador\/","title":{"rendered":"How CABEI Will Support Implementation Of Bitcoin Law In El Salvador"},"content":{"rendered":"

Dante Mossi, president of The Central American Bank for Economic Integration (CABEI), confirmed in a press conference that the institution will support El Salvador\u2019s efforts to enforce its Bitcoin Law.<\/a> The new legislation was recently approved by this country\u2019s congress and has caused different reactions from international bodies.<\/p>\n

However, Mossi praised the Bitcoin Law and believes it will create opportunities for the Central American country and its people. Mainly, as a more efficient route to send and receive remittances. He added:<\/p>\n

The signal that I want to leave you today is that BCIE (CABEI) is accompanying El Salvador in this new and innovative policy of adopting the cryptocurrency called Bitcoin for legal use.<\/p><\/blockquote>\n

The president of the financial institution revealed that they will work with El Salvador to form a technical team of experts. Thus, they will be able to tackle the main obstacles with the new law and adapt it to the country\u2019s needs. Mossi said:<\/p>\n

We are very proud that your first door to request help and support in the implementation of this government decision has been the Central American Bank for Economic Integration. In the technical assistance provided by the Bank, we will be selecting experts on the subject to advise on how to implement this innovative reform, including risk assessment and regulation.<\/p><\/blockquote>\n

CABEI is currently looking for experts from around the world and has not set a budget for this project. The institution will wait until the team has been selected to proceed to the financing phase. At the same time, they have requested assistance from their international partners with pro-Bitcoin policies.<\/p>\n

The Challenge of Adopting The Bitcoin Standard<\/h2>\n

Mossi emphasized that they will try to study cases where BTC has been adopted. In this way, the institution and the country\u2019s authorities will have the tools to prevent mistakes. However,<\/p>\n

There is no other country that has adopted Bitcoin as widely as El Salvador has. This is a challenge, because you have to take it head-on and find the best way to protect the user.<\/p><\/blockquote>\n

One of the challenges of El Salvador\u2019s new law, according to the president of CABEI, is the bad actors operating in the Bitcoin network. Therefore, he believes regulations will need to be implemented, but made no reference to a specific framework.<\/p>\n

Finally, Mossi clarified that the institution will not finance El Salvador\u2019s Bitcoin fund<\/a>. This instrument will be controlled by a state bank, per the law, and will have around $150 million at its disposal. However, if the country requests a credit, CABEI will \u201creview it\u201d.<\/p>\n

Mossi considers cryptocurrencies to be a positive innovation. CABEI has been supportive of El Salvador\u2019s law, unlike the International Monetary Fund (IMF). The latter has expressed economic and legal concerns. The Central American country is negotiating a credit program with the IMF.<\/p>\n

At the time of writing, BTC trades at $40,341 with sideways movement in the lower timeframes.<\/p>\n

\"Bitcoin
BTC holding strong at current levels in the daily chart. Source: BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n

The first cryptocurrency by market cap has managed to the held ground at these important levels but must reclaim $42,000 to clear out the bears<\/a>, in the short term.<\/p>\n

<\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":"

Dante Mossi, president of The Central American Bank for Economic Integration (CABEI), confirmed in a press conference that the institution will support El Salvador\u2019s efforts to enforce its Bitcoin Law. The new legislation was recently approved by this country\u2019s congress and has caused different reactions from international bodies. However, Mossi praised the Bitcoin Law and believes it will create opportunities for the Central American country and its people. Mainly, as a more efficient route to send and receive remittances. He added: The signal that I want to leave you today is that BCIE (CABEI) is accompanying El Salvador in this new and innovative policy of adopting the cryptocurrency called Bitcoin for legal use. The president of the financial institution revealed that they will work with El Salvador to form a technical team of experts. Thus, they will be able to tackle the main obstacles with the new law and adapt it to the country\u2019s needs. Mossi said: We are very proud that your first door to request help and support in the implementation of this government decision has been the Central American Bank for Economic Integration. In the technical assistance provided by the Bank, we will be selecting experts on the subject to advise on how to implement this innovative reform, including risk assessment and regulation. CABEI is currently looking for experts from around the world and has not set a budget for this project. The institution will wait until the team has been selected to proceed to the financing phase. At the same time, they have requested assistance from their international partners with pro-Bitcoin policies. The Challenge of Adopting The Bitcoin Standard Mossi emphasized that they will try to study cases where BTC has been adopted. In this way, the institution and the country\u2019s authorities will have the tools to prevent mistakes. However, There is no other country that has adopted Bitcoin as widely as El Salvador has. This is a challenge, because you have to take it head-on and find the best way to protect the user. One of the challenges of El Salvador\u2019s new law, according to the president of CABEI, is the bad actors operating in the Bitcoin network. Therefore, he believes regulations will need to be implemented, but made no reference to a specific framework. Finally, Mossi clarified that the institution will not finance El Salvador\u2019s Bitcoin fund. This instrument will be controlled by a state bank, per the law, and will have around $150 million at its disposal. However, if the country requests a credit, CABEI will \u201creview it\u201d. Mossi considers cryptocurrencies to be a positive innovation. CABEI has been supportive of El Salvador\u2019s law, unlike the International Monetary Fund (IMF). The latter has expressed economic and legal concerns. The Central American country is negotiating a credit program with the IMF. At the time of writing, BTC trades at $40,341 with sideways movement in the lower timeframes. The first cryptocurrency by market cap has managed to the held ground at these important levels but must reclaim $42,000 to clear out the bears, in the short term.<\/p>\n","protected":false},"author":535,"featured_media":463951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-465552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nHow CABEI Will Support Implementation Of Bitcoin Law In El Salvador<\/title>\n<meta name=\"description\" content=\"Dante Mossi, president of The Central American Bank for Economic Integration (CABEI), confirmed in a press conference that the institution will support El\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"How CABEI Will Support Implementation Of Bitcoin Law In El Salvador","url":"http:\/\/wncen.com\/news\/cabei-support-bitcoin-law-el-salvador\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/cabei-support-bitcoin-law-el-salvador\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/bitcoin-5155180_1280.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/bitcoin-5155180_1280.jpg?fit=1280%2C720"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-06-15T14:11:57Z","datePublished":"2021-06-15T14:11:57Z","dateModified":"2024-06-11T13:56:22Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"How CABEI Will Support Implementation Of Bitcoin Law In El Salvador\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/cabei-support-bitcoin-law-el-salvador\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/cabei-support-bitcoin-law-el-salvador\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/bitcoin-5155180_1280.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/bitcoin-5155180_1280.jpg?fit=1280%2C720\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-06-15T14:11:57Z\",\"datePublished\":\"2021-06-15T14:11:57Z\",\"dateModified\":\"2024-06-11T13:56:22Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/bitcoin-5155180_1280.jpg?fit=1280%2C720","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/465552"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=465552"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/465552\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/463951"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=465552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=465552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=465552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}