CABEI i.e. the Central American Bank for Economic Integration has announced to come in aid of El Salvador in assisting and helping the country in implementing the due “legal tender” relating to the newly adopted Bitcoin. The President of the bank has undertaken to lend full support to El Salvador and said that the bank is positive that it can pull out the job.
Dante Mossi is the President of CABEI who has announced recently that the bank is in a position to lend its full support to El Salvador. He said that El Salvador’s initiative to legalize Bitcoin at the national level is a landmark initiative. However, implementing the due legal tender requires unique expertise and a specific skill set. Mossi was of the view that whatever technical and analytical assistance is required by El Salvador, the bank is willing to undertake them.
It was a week ago when the President of El Salvador informed that his country has decided to integrate Bitcoin. In order for the country to immediately start working on Bitcoin and its mining, there is a need to legalize Bitcoin through a “legal tender”. After showing intent, the lawmakers in the country were able to draft the required Bill and then got it signed by the President. Officially, Bitcoin has now been duly integrated as means of business and economy in El Salvador. However, granting of legal tender requires certain formalities to be fulfilled and for that, the country would definitely require assistance.
If the order of CABEI is taken, then no doubt the bank is fully capable of pulling out the job of legalizing Bitcoin through legal tender.
CABEI is a regional bank developed for the countries which are part of the Central American region. Since its inception, 15 countries have become members of CABEI. These countries include El Salvador, Panama, Mexico, Guatemala, Belize, Costa Rica, Dominican Republic, Cuba, Colombia, Nicaragua, Argentina, and Honduras. Other than the regional countries, the bank also has members from Spain, Korea, and China as well. The object and purpose of CABEI are to encourage economic integration within the Central American region. In addition, the bank is actively involved in the incorporation of balance in the regional economies.
Mossi also stated that CABEI and the bank’s teams will work in collaboration with the Finance Ministry of El Salvador. But before moving forward, the Ministry would have to point out which CABEI’s team would be working on the assignment. He also commented that El Salvador’s initiative of Bitcoin would not only help the economy but will also benefit the citizens. Apart from that there are going to be other notable benefits, suggested Mossi. For instance, he said that the rates charged from consumers for remittance of funds will be squeezed down considerably.