El Salvador accumulated losses of up to $24 million of taxpayers' monies tied to the failure of the BTC digital wallet Chivo, while the adoption of BTC in the country remains nonexistent.
El Salvador’s ‘millennial cool’ dictator is looking to pass new laws to make his country a safe haven for ‘crypto’ companies, including the folks behind the controversial Tether stablecoin.
El Salvador’s president couldn’t make this year’s big BTC party in Miami because he’s (a) too busy suppressing free speech at home and (b) too embarrassed that none of his BTC projects have panned out.
The Deputy Minister for Communications told parliament that the ministry has proposed making digital currencies legal tender and hopes the gov’t agrees.
El Salvador’s authoritarian president is none too pleased with U.S. politicians’ plan to monitor his country’s half-baked adoption of the BTC token as legal tender.
The IMF says that El Salvador is at a heightened risk with its financial and market integrity, financial stability, and consumer protection, but President Nayib Bukele is unmoved.
The latest blow to the BTC circus in El Salvador is the mysterious loss of funds from the state-issued Chivo wallets, which the vocal president is quiet about.
Nayib Bukele believes that forcing people to accept and use BTC will lower El Salvador’s dependence on U.S. monetary policy, as the dollarization of the nation makes it heavily dependent upon USD.
El Salvador actually signed a deal with the Algorand blockchain to handle their national blockchain infrastructure because BTC and Lightning Network* are both incapable of handling the traffic.
Following the bold steps of El Salvador, countries in Central America such as Honduras and Guatemala are looking into analyzing digital currencies with a goal to adopt them.
When it was announced that El Salvador would be using “bitcoin” as legal tender in the third world nation and that businesses would be forced to accept it as payment small blockers jumped for joy, Kurt Wuckert Jr. writes.