Senegalese President Expresses Interest in Bitcoin-Based State Policy of El Salvador

West African Leader Seeks to Implement Digital Currency in Response to Economic and Food Crises

- Advertisement -

Macky Sall, president of the Republic of Senegal, West Africa, expressed interest in the state policy that El Salvador maintains, supported by the use of bitcoin (BTC) since last year, when it became legal tender in that Central American country.

Sall, received in his office the vice-president of El Salvador, Felix Ulloa, who traveled to Senegal to hold bilateral agreements and generate exchanges between the chambers of commerce of both countries.

During the meeting, the Senegalese president took the opportunity to express his interest in El Salvador’s bitcoin-based state policy. Likewise, Sall celebrated how the Central American country has demonstrated its economic solvency, referring to the fact that the nation was able to meet the payment of USD 800 million in debt, without the support of the International Monetary Fund (IMF).

– Senegal’s President Macky Sall and El Salvador’s Vice President Felix Ulloa, discussed the adoption of bitcoin as a state policy and other issues of joint interest. Source: Twitter/ @VCpresidenciaSV.

Among the points of interest addressed by the representatives of both countries were economic drivers, security and how their governments are moving away from old policy concepts to drive transformation, as reviewed by the vice presidency of El Salvador, from its Twitter account.

Bitcoin gains prominence in Africa

In May, last year, authorities from the Senegalese Ministries of Economy and Finance were among the 44 bankers and institutions that visited El Salvador. In that way they had an approach of how the State is using bitcoin.

At that time, the participants learned about financial inclusion, digital economy, bitcoin and other topics of economic relevance.

Currently, the pioneer of cryptocurrencies is gaining attention among the inhabitants of the African continent, where communities and peoples excluded from the traditional financial system abound.

For this reason, bitcoin citadels are emerging, copying the model implemented in the community of El Zonte in El Salvador, where the first circular economy of the digital currency was born.

Macky Sall, who is also president of the African Union, has said that the region must be self-sufficient, as it faces the worst food crisis in its history, with millions of people going hungry.

Africa also faces an economic crisis, as it drags a heavy debt burden in the wake of the covid-19 pandemic, rising prices and the effects the war in Ukraine is leaving on the world.

Read Also

Bank of central African countries against bitcoin, wants its own digital currency

Central African Republic, Sango Project and The Tokenization of Commodities

Major South African Bank FNB Closes Cryptocurrency Business Accounts

Why Jack Dorsey is right about Bitcoinโ€™s future in Africa

Bitcoin Cash House African Expansion to Feature in Toronto Meetup

- Advertisement -
- Advertisement -
- Advertisement -

Latest

- Advertisement -

Must Read

Read Next
Recommended to you

BitNewsBot.com