Inside El Salvador’s Bitcoin experiment: Cointelegraph video report
The Central American nation of El Salvador has a long history as a major cocaine producer. Now, the country is tackling cryptocurrencies with a view to creating a mobile payment and payment system. The government hopes the new system will help it to control the flow of money into the country.
The first-ever commercial Bitcoin transaction in El Salvador took place in June, and the new service was launched in the country this week. The service is called BitUno, and it allows users to purchase products for Bitcoin and store it in a digital wallet.
Over the last several years, more and more digital currency systems have started to take root in the world. With Bitcoin in the lead, the sector has experienced a healthy presence. One of the more remarkable systems is El Salvador, where a Bitcoin-related startup has successfully launched a system for the country.. Read more about el salvador bitcoin and let us know what you think.
El Salvador approved Bitcoin as legal currency last month, joining the US dollar.
Salvadorans will be able to use Bitcoin (BTC) as a currency to buy goods and services, as well as pay taxes and debts, under the country’s new Bitcoin Law, which will take effect on September 7.
El Salvador’s president, Nayib Bukele, has said that the adoption of Bitcoin would help the 70% of the country’s population who do not have access to financial services. He also thinks that it will bring in fresh investments and employment.
The Bitcoin Law, on the other hand, has sparked a number of worries. According to critics, the cryptocurrency’s extreme volatility may jeopardize the country’s financial stability. El Salvador’s low internet penetration rate, along with a lack of knowledge about Bitcoin and cryptocurrencies in the nation, may stymie Bitcoin’s broad adoption.
President Bukele has pledged to develop the required infrastructure in order to increase Bitcoin acceptance. This includes 1,500 Bitcoin ATMs as well as a government wallet that guarantees fast Bitcoin to dollar conversions.
Is this enough to ensure Bukele’s monetary experiment succeeds? Cointelegraph spoke with El Salvadoreans, as well as opponents and proponents of the Bitcoin Law, to find an answer to this issue.
Check out Cointelegraph’s YouTube channel for the entire story from El Salvador, and don’t forget to subscribe!
Since the last time I visited El Salvador, there have been a few changes in the Bitcoin ecosystem. In April, Bitcoin became the first digital currency to be recognized by the Central Bank of El Salvador (Banco Central de El Salvador), and in June, Bitcoin was declared a legal tender in the country. Now, the country is experimenting with a new digital economy: Bitcoin is being used by merchants and companies to exchange goods and services.. Read more about el salvador bitcoin cointelegraph and let us know what you think.
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