Share this article
Central American Development Bank Forms Technical Group for El Salvador Bitcoin Bill
The government requested a consultancy from the Central American Bank for Economic Integration (CABEI).
Updated Sep 14, 2021, 1:10 p.m. Published Jun 14, 2021, 6:38 p.m.
Make us preferred on GoogleA multinational development bank will form a technical advisory group to help El Salvador as it implements a law recognizing bitcoin as legal tender.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The government of El Salvador resorted to the Central American Bank for Economic Integration (CABEI) to assist in the process of bitcoin implementation in the country, CABEI’s president, Dante Mossi, confirmed in a press conference on Monday
“During these days” a technical group will be formed involving members of CABEI, the Salvadoran Ministry of Finance and the Central Reserve Bank, Mossi said.
"We are sizing up El Salvador's decision," said Mossi, adding that it is something "innovative that creates many spaces and opportunities."
Read more: El Salvador Adopts Bitcoin: Hype or History in the Making?
CABEI was founded in 1960 by Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica and works as a multilateral development financial institution, according to its profile.
Its non-founding regional members also include Panama, the Dominican Republic and Belize, while other extra-regional members include Mexico, Argentina, Spain and South Korea.
According to Mossi, the adoption of bitcoin will lower the cost of remittances Salvadorans send home from abroad. However, the executive added, there may be bad players who want to take advantage of bitcoin’s pseudonymity, so a regulatory framework needs to be adopted.
CABEI is currently looking at global best practices to replicate in El Salvador, Mossi said.
"There are not many experts in the market. We are making contacts," Mossi said, adding the bank has already been approached by experts.
Mossi said the bank has not received a request from El Salvador to provide financial support for the $150 million trust fund the government plans to launch to assume the risks of converting bitcoin to U.S. dollars.
Read more: Tanzania’s President Urges Central Bank to Prepare for Crypto
"If we already know that cash is knocking on its exit doors and that we have to move to cryptocurrencies, we have to do it securely," Mossi said.
Mossi said other countries are exploring the use of cryptocurrencies for remittances, following El Salvador's lead.
Más para ti
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
Lo que debes saber:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
Más para ti
Bitcoin tumbles to 2026 low of $85,200 as gold reverses big gains, Microsoft leads Nasdaq lower
Soaring to $5,600 at one point earlier on Thursday, gold quickly pulled back to below the $5,200 level in U.S. morning trade.
Lo que debes saber:
- Already sitting on overnight losses, bitcoin's decline accelerated in U.S. morning trade, with the price falling back to $85,200, a new low for 2026.
- The quick selloff came amid a reversal in gold’s breathtaking rally, which had sent the yellow metal soaring above $5,600 at one point Thursday before quickly falling back to $5,200.
- The Nasdaq was also sharply lower, falling 1.5%, as Microsoft declined more than 11% following its fourth-quarter earnings report.
Top Stories
