Tuesday, Aug 09, 2022
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El Salvador President Meets Binance CEO on Bitcoin Investments: What Is So Significant?

Binance CEO Changpeng Zhao met President Nayib Bukele of El Salvador to talk about different investment topics in the Central American nation through Bitcoin, skip discussion on Bitcoin Bonds

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Changpeng Zhao, the CEO of the global crypto currency exchange, Binance, today met President Nayib Bukele of El Salvador to discuss different investment opportunities in the country through Bitcoin.

El Salvador is seeking support from Binance to go ahead with its execution of bitcoin as a legal tender and the issuance of bitcoin bonds. 

Zhao described the meeting as ‘fantastic’ in a tweet, and further adding that they didn’t speak about bonds at all. “The word never came up. But so much to talk about. #adoption,” his tweet read.

The meeting carries significance as earlier this week, the Finance Minister of El Salvador, Alejandro Zelaya had said the country had postponed its planned $1 billion bitcoin bond offering, initially scheduled to take place in from March 15-20, because of unfavourable market conditions. 

“I think this is not the time, there are some moves on the planet,” he had then said.

Also present at today’s meeting was Milena Mayorga, the Ambassador of El Salvador to the US, and several other investors. 

Ricardo Salinas Pliego, a Mexican businessman and Bitcoin holder, who was also present at today’s meeting, tweeted, “It has been a pleasure to meet you, President, again thank you very much for receiving us today in El Salvador. I am sure that only with freedom we can evolve as a civilization and I am sure that #Bitcoin is the currency of freedom, hug and see you soon, thank you! !!.” 

El salvador became the first country to legalise bitcoin, as early as September 2021. Also, the country has planned to build the world’s first “Bitcoin City”, to be funded initially by bitcoin-backed bonds. 

Earlier, Zhao had praised El Salvador for taking on a pioneering role in the adoption of bitcoin, adding that the presidency of Bukele would be remembered as “heroic” for its bold bet on the future.

President Bukele has also expressed his dissatisfaction with the proceedings in the US Senate, where a Bill looking to mitigate risks to the American financial system from El Salvador’s adoption of bitcoin (BTC) was passed out of committee on Wednesday.

“Never in my wildest dreams would I have thought that the US government would be afraid of what we are doing here. The US Government DOES NOT stand for freedom and that is a proven fact,” he tweeted.

Interestingly, When the bill was initially introduced last month, President Bukele had tweeted, “OK boomers ... You have zero jurisdiction on a sovereign and independent nation. We are not your colony, your back yard, or your front yard. Stay out of our internal affairs. Don’t try to control something you can’t control.” 
 

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