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On September 7, 2021, the time has come: The Latin American country El Salvador will be the first country to make the oldest #cryptocurrency Bitcoin the official means of payment. For this purpose, the country is setting up an escrow of 150 million US dollars – so that users can conveniently switch between #BTC and fiat currencies.
Furthermore, preparations are also in full swing during the countdown regarding Bitcoin ATMs. For the launch of the #Crypto-Coin in El Salvador, the country has set up around 200 Bitcoin ATMs. With strong adoption by the population, there could be many more Bitcoin ATMs in the future.
President Nayib Bukele has opted for the „Chivo“ #wallet, which is interoperable with all other digital crypto wallets. El Salvador is also providing US$23.3 million for the development of the „Chivo“ system. Around 30 million U.S. dollars are flowing into education regarding Bitcoin, wallets and co.
Its not surprising that all this is happening in a country that’s struggling with weak banking systems, where only a minority has access to the worlds financial System. El Salvador has a long history of problematic monetary policies and a lack of functioning institutions.
Wether the #Crypto-Revolution has the potential to solve these problems and the reason why emerging markets are approaching cryptocurrencies so differently, will be discussed on our upcoming #blockchain #monday.
The presentation will be held in English as a live online webinar. The participation is free of charge.
Christoph Iwaniez was previously the CFO of GIZS which connects the German Sparkassen Group to the paydirekt payment scheme and before that was 10 years at Landesbank Baden-Württemberg (LBBW), one of Germanys biggest banking groups. Innovation strategy has been a core element of his role in LBBW, Germany’s 4th biggest bank and in the German Savings Banks Group. But after ten years in the traditional banking industry, he felt that it was time for the next step. He is highly interested in blockchain topics and an expert in this area. He started as CFO and Managing Director at Nuri (ex Bitwala) 3 years ago and has since led Nuris financial growth and innovation.
About the Blockchain Monday
Blockchain technology will change our economy and society in the coming years. You want to know how? You want to know what this has to do with your industry and how you should deal with it?
In our „Blockchain Monday“ series of events, together with experts and speakers from their respective specialist areas, we examine the opportunities and risks that technology brings with regard to a specific industry or a specific area of our society.
The events are aimed at interested citizens, business people and people who assume responsibility in politics and civil society. Experts will also have the opportunity to learn about new aspects of the blockchain, exchange ideas and network on specific topics.