After the Central American country El Salvador accepted Bitcoin as its legal currency, Bitcoin was quickly adopted and used in the country.
El Salvador is hosting the “LaBitConf 2021 Conference” starting on November 18.
Speaking at the panel of the conference called “The Impact of Bitcoin on Commercial Banks”, bank executives said that they do not see Bitcoin as a danger.
Leandro Guini, CEO of SERFINSA, which serves as a payment processor for banks in El Salvador, said:
“You have to understand that there are advantages on both sides, both in banking and Bitcoin.”
Guini stated that SERFINSA is willing to provide infrastructure to facilitate transactions between firms and individuals using Chivo or another Bitcoin wallet as long as legal requirements are followed.
Guini said that the adoption of Bitcoin is a “unique opportunity” for El Salvador.
“Adapting disruptive technologies such as bitcoin and other cryptocurrencies to traditional systems is one of the major challenges.
We are building bridges between a new world and an already existing one, and you have its strengths (banks).”
Although all the participants at the conference agreed that the adoption of Bitcoin is a good and positive development, they also stated that critical factors such as training on how cryptocurrencies work and establishing the technical infrastructure should also be addressed.
*Not investment advice.