The effective regulation and supervision of digital assets as a bridge to achieve development and greater economic growth in El Salvador was the main theme of the Third Meeting of the National Commission of Digital Assets (CNAD), held on July 10.
The event also reflected on how, thanks to the vision of CNAD President Juan Carlos Reyes, the institution has successfully generated and implemented world-class supervisory and regulatory standards in its first 300 days. As a result, El Salvador is now recognized as the best country in the Americas in this field, only surpassed globally by Switzerland, and is on track to soon have the best technical and specialized team for ecosystem oversight and enforcement.
The Third CNAD Meeting stood out for its surprising and diverse agenda, designed with highly attractive and professionally relevant topics for the audience, which included active participation from officials of the Judiciary, the Public Ministry, and the Financial Investigation Unit. These participants expressed a keen interest in the content presented and developed in simultaneous work sessions.
President Reyes’ presentation was captivating, explaining how Bitcoin, transformed in El Salvador into legal tender, can offer benefits as a reserve asset, even replacing real estate assets or any of the currently circulating fiat currencies.
Additionally, the conference given by Argentine economist and crypto expert Sebastián Cordero was notable. His talk on digital assets revealed an innovative perspective on the relationship and use of digital assets in the real world and the benefits they bring.
CNAD Directors Miguel Serafín and César Córdova also presented the ecosystem’s progress and the interest it has sparked in other areas. Director Miguel Serafín discussed the status of the banking law reform project, which will allow the establishment of private investment banks and what it will mean in terms of new opportunities; while Director Córdova revealed the interest in training public servants and the general population on digital assets.
The event included simultaneous sessions addressing technical and specialized topics aimed at specific audiences based on their interest and professional utility. This provided an overview of how CNAD supervises and acts preventively to identify potential fraud cases; explained CNAD’s role in regulating and supervising digital assets; and in an interactive exercise with the audience, presented a basic manual on crypto-assets based on questions expressed by the attendees. There was also reflection on the technological foundations that give digital assets unprecedented levels of security and transparency.
It was the perfect opportunity to showcase to the world the development, evolution, and growth potential and benefits that digital assets offer the economy. The event was an educational, explanatory, and inclusive space, open to showing new audiences the development and benefits of digital assets to expand the ecosystem to the general population.
We learned about CNAD’s challenging work in regulating and supervising digital assets, having established and implemented specific and specialized standards to foster a safe and conducive environment for the use of cryptocurrencies and other digital assets in El Salvador. We also analyzed the legal instruments adopted that make up the regulatory framework for digital assets, highlighting their impact on innovation and investor protection.
This event provided a unique insight into the rise and establishment of the digital asset ecosystem in the country, leveraging its capabilities to generate development, growth, and integration opportunities in the economy based on decentralization and economic autonomy; while at the same time delving into the challenge CNAD faces in regulating and supervising the market, achieving the perfect balance between sustainability, market stability, innovation, and investor security and protection.
