Weekly Report - 24 November 2022 (WR-22-47)

EL SALVADOR: Bukele unwavering on bitcoin

A three-day conference entitled ‘Adopting Bitcoin – A Lightning Summit’, was held in El Salvador’s capital, San Salvador, from 15-17 November, hosted by Irish fintech firm Galoy. Reportedly marked by empty seats and an absence of key industry figures, the conference took place as the populist Nuevas Ideas (NI) government led by President Nayib Bukele faces mounting criticism over the September 2021 adoption of the cryptocurrency bitcoin as legal tender, which has reportedly cost the country millions of dollars in losses and left public finances teetering, raising the chances of a potential default.

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