Developing countries lack a sophisticated financial system to control their currencies and are looking to cryptocurrencies as legal monetary bids. The leader of the movement is El Salvador, who passed a bill this month to adopt Bitcoin (BTC) as the national fiat currency. Asia Broadband, Inc. (OTC: AABB) Is one company that jumped at the announcement of El Salvador by proclaiming plans to use El Salvador as a stepping stone to expansion in Central America with the introduction of the AABB Gold Token (AABBG).
Asia Broadband, a resource company focused primarily on the production, supply and sale of precious and base metals to the Asian market, recently released AABBG as a gold-backed cryptocurrency from mines to tokens. The company will enter into acceptance and processing contracts for customer purchases using coins for major Salvador retailers.
The introduction of cryptocurrencies into countries such as El Salvador and Venezuela during the COVID pandemic, as the US dollar, once considered the most stable world currency, has significantly increased the number of dollars in circulation by the Federal Reserve. Because I suffered.
“The central bank is taking more and more actions that could harm the financial stability of El Salvador. To mitigate the negative effects of the central bank, it is an objective and calculable standard that the central bank cannot control. It will be necessary to approve the circulation of digital currencies with supplies that will only change according to, “said President Najib Buquere of El Salvador. ..
Asia Broadband’s planned introduction of AABBG in El Salvador will ultimately include opening a satellite office in the country that will serve as a hub for business development and marketing in Latin America.
The recent adoption of Bitcoin as fiat currency by El Salvador has created a crypto-focused economy, and we believe that Asia Broadband is a tremendous growth opportunity for AABBG and its AABB wallet.
Approximately 70% of El Salvador’s 6 million people do not have a bank account or credit card, but they have access to mobile phones and the Internet nationwide, so they have access to AABB wallets. The company also points out that more than 2 million Salvadorians living in the United States send about US $ 5 billion annually to El Salvador, which is more than 20% of GDP.
In anticipation of growth in the Latin American market, Asia Broadband is currently developing a Spanish version of the AABB Wallet.
For more information on Asia Broadband and its AABBG cryptocurrencies and AABB wallets, please visit: www.aabbgoldtoken.com.
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Introducing AABBG in El Salvador makes Asian broadband leap into cryptocurrency adoption
Source link Introducing AABBG in El Salvador makes Asian broadband leap into cryptocurrency adoption