El Salvador Prepares to Welcome Bitcoin as Legal Tender
The whole crypto world is holding its breath, waiting for El Salvador to etch its name in the history books after El Salvador’s president announced he had plans to introduce Bitcoin as a legal tender in the country.
Can El Salvador Make History?
History was made when Bitcoin emerged as a viable currency in 2009. Twelve years later, El Salvador might make history worthy of the same moment if it becomes the first country to embrace the leading digital currency as a legal tender.
Nayib Bukele, president of El Salvador, announced the possibility of a global milestone to be made with El Salvador, two days ago, at the recent Bitcoin conference. Bukele revealed he was working on a bill to adopt the leading cryptocurrency, Bitcoin, as a legal tender in his country; an announcement that sent the whole conference into a frenetic rapture.
El Salvador has two officially recognized legal tenders: the local colons and the US Dollar. Four years ago, the American dollar was sought as a stable alternative to the El Salvadoran dwindling economy, and was adopted as an official currency. Since its introduction, the American US Dollar has taken center stage in the nation’s economy, just as the Colon has relegated into the shadows, finding use cases even in decorative purposes.
The US Dollar is seen as a working stable alternative by many, but the crux is not entirely about its stability. Bitcoin poses questions different from what the Dollar note can answer. Who is in control? Does implementation of a particular currency secede control to another group or nation?
In Bitcoin’s case, anyone is in control.
This is easily Bukele’s vision: to offer control back to Salvadorans. Bukele sees Bitcoin as a possible solution to the ailing economy.
Talking about the benefits Bitcoin offers for the modestly-sized country, Bukele said:
“In the short term, this [bitcoin] will generate jobs and help provide financial inclusion to thousands outside the formal economy, and in the medium and long term, we hope that this small decision can help us push humanity at least a tiny bit into the right direction.”
The World Waits, Reacts to a Possible New Era
Detractors are dissatisfied and crafting unimpressed tweets about President’s Bukele’s decision, but it has not hindered the giddy excitement sweeping the crypto space. If anything, optimistic reactions have swallowed dissenting voices.
Binance’s CEO, CZ, is suddenly captivated by the incredible atmosphere that El Salvador offers, and TRON’s Justin Sun cannot wait to start a Tron branch in El Salvador, and has declared it “the crypto nation.”
Following Nayib Bukele’s comments, leaders from Brazil and other Latin American countries have begun to discuss Bitcoin as a viable option. It’s a new era for the leading cryptocurrency. And we hope it is just the beginning.
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