Asia Broadband Inc (AABB)

[alidare]

Interesting read on Bitcoin in El Salvador.

Does not mentions AABB but just imagine of the entry timing…..

“Freedom from U.S. domination is always a popular theme in Latin American politics. Due to its fragile financial systems, El Salvador — and many other Latin American countries — has no choice but to depend on the U.S. dollar. By embracing Bitcoin, this time Bukele has put El Salvador in a global spotlight while also positioning himself as a pioneer by becoming the first president to make Bitcoin a legal tender.”

““In the short term this will generate jobs and help provide financial inclusion to thousands outside the formal economy.”

““The vast majority of Salvadoran migrants, almost 2 million, work in the United States. Nearly one out of three Salvadorans send money home. Remittances account for 23% of El Salvador’s gross domestic product and benefit about 360,000 households, in the poorest areas of the country.

El Salvador’s official currency is the U.S. dollar. President Bukele’s Bitcoin Law is not only trying to make international money transfers cheaper and easier for 70% of his unbanked population, but also is trying to create a new economic hub and a new remittances platform in Central America. Bukele, as a smart politician, will capitalize on the impact of lowering the cost to near zero for $6.5 billion in remittances.

In my experience, after working 10 years in multilateral organizations in Washington, DC and being a representative at the FATF, I recommend that President Bukele strengthen his law with the support of an international financial integrity team. His social impact policy and strategy will need the support of a strong international network of financial intelligence units and key players in the international development arena.

Bukele has the unique opportunity to change the game of the global remittances business by having a proof of concept in one of the most important regions for money transfer, and using Bitcoin for the first time in history.”

“Perhaps more importantly, due to its very nature, Bitcoin will protect the country from U.S. dollar inflation that’s bound to hit El Salvador in the very near term — a smart move that is likely to establish El Salvador as a major destination on the digital asset circuit, since BTC will not only become legal tender but also easy to mine, as El Salvador’s volcanoes offer an ideal and renewable thermal power source.”

https://cointelegraph.com/explained/what-is-really-behind-el-salvadors-bitcoin-law-experts-answer