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Technology Bitcoin in El Salvador: "Coexistence with banks possible"

11:20  21 november  2021
11:20  21 november  2021 Source:   t3n.de

Former Bitcoin Critic Kevin O'Leary wants to put stronger on crypto currencies in his portfolio. Investor Kevin O'Leary described the Bitcoin a good two years ago, but now he has changed his mind: O'Leary is himself Invested in crypto currencies recently

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During LabitConf 2021 in El Salvador spoke, among other things, those responsible for banks and other payment transactions on the impact of Bitcoin on banks. They quite see the possibility of a coexistence of Bitcoin and banks.

Bitcoin in El Salvador: „Koexistenz mit Banken möglich“ © Chinnapong / Shutterstock Bitcoin in El Salvador: "Coexistence with banks possible"

as Satoshi Nakamoto had published the Bitcoin Whitepaper at the end of 2008, the Bitcoin initially found hardly consideration. Years later, mainly larger institutions did not believe that the Bitcoin would have any existence in the future. Around 13 years later, this looks different. While some people in Bitcoin see the potential that the first crypto currency has dissolved from the remaining financial system for the world currency, other persons continue to see a threat to national currencies as well as financial stability in Bitcoin.

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of the bitcoin have "the potential to undermine currencies and destabilize nations," said the former foreign minister of the USA Hillary Clinton to Bloomberg. Donald Trump also represents this opinion. "I am a big fan of our currency. I do not want other currencies to come out and hurt or lower the dollar in any way, "said the former President of the United States of America from Yahoo Finance the Bitcoin. From the statements, it is clear that the Bitcoin in their opinion hazards mountains, which could harm the financial system.

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Leandro Guini: "Both sides have their advantages"

In El Salvador, this looks different. Here is the Bitcoin since 7 September 2021 official means of payment. So far, the experiment of President Nayib building bukele seems to go up. The associated Bitcoin Wallet of Chivo has already more users than any bank in the country . In addition, El Salvador regularly buys BTC and now owns 1,050 Bitcoins. The profits from the crypto currencies now wants to use El Salvador to build schools .

also the executives of the banks in the region do not see the Bitcoin as a danger and believe that they can exist side by side. On the ninth edition of the LabitConf explains Leandro Guini, CEO of Red Serfinsa, a digital payment transducer for banks in El Salvador, that there are advantages on both sides. "You have to understand that there are advantages on both sides, both in banking and bitcoin," says Guini. He sees the acceptance of Bitcoin in El Salvador as a "unique opportunity" in this regard.

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The focus is on the implementation of the bitcoins in existing processes. This is the much more difficult task anyway. "Those of us adapting disruptive technologies such as Bitcoin and other crypto currencies to traditional systems have the biggest challenge, because we build bridges between a new world and one that already exists, and this has their strengths."

education and infrastructure crucial

Further discussion participants at the conference were Luis Rodriguez from the Central American Bank for Economic Integration (BCIE), Carlos Ruge of Daviplata (part of the Colombian Davivienda Group) and Francisco Montenegro from the Open Bank Project. Rodriguez said that the introduction of Bitcoin in the Central American country has led to a large learning process. Everything was a question of concrete steps, and one of these steps have to do with a clear regulation, like the Bitcoin law.

"For us it is an initiative that allows us to look into the future, and there is some interest in the countries of the region to what happens in El Salvador." After El Salvador had explained in June, the Bitcoin To introduce as a means of payment, it has come to a wave of speculation by other countries, which would also consider the bitcoin as a means of payment.

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