Carlos Sanchez, Central American Bank For Economic Integration’s head of investments, said that he is very optimistic about El Salvador’s decision to turn Bitcoin into a legal tender. According to him, it will help the country explore the uncharted paths that no countries haven’t yet explored.
Sanchez said that when the World Bank turned down President Nayib Bukele’s request for assistance in the country’s Bitcoin law, he and his associates chose to lend their helping hands to the president.
He said that when Bukele asked for their help, there was no hesitation on their part and immediately agreed to help him. While he admitted the World Bank sees a lot of risk with El Salvador’s decision, they still decided to help Bukele because they believe in the potential of the new law.
Legal framework
Sanchez said that the Central American Bank for Economic Integration will help El Salvador craft a sufficient legal framework for its Bitcoin Law. It will also help the country have a smooth adoption of the crypto and ensure that the international standard for anti-money laundering policies is strictly followed.
But of course, even with the immense potential of the law, there are still critics who dismiss its possible benefits and reject its very purpose.
One of the Bitcoin Law and Bukele’s sharpest critics, professor Steve Hanke, has never minced any words since the country passed the controversial law.
“I identified 27 FATF regulations related to virtual asset transactions that will be nearly impossible for Salvadoran banks, businesses, and their customers to comply with under the new law,” Hanke said.
Low remittance fees
Bukele said one of the biggest benefits of the Bitcoin Law is the low remittance fees. For so long, citizens have been bearing the high cost of remittance and its slow process. And through Bitcoin transactions, sending or receiving money wouldn’t just be cheaper, but faster as well.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/bitcoin/central-american-bank-optimistic-on-el-salvadors-bitcoin-law/
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