Three years after passing a law to make Bitcoin (BTC) a legal tender in El Salvador, the country's leader, Nayib Bukele, has spoken out about its use and widespread adoption, arguing that his country can do better.
3 years after the adoption of Bitcoin as legal tender in El Salvador, Nayib Bukele draws up an initial assessment
In El Salvador, a Central American country surrounded by Honduras and Guatemala, Several experiments around cryptocurrencies, and more particularly Bitcoin (BTC) are underwayThey result from the adoption of a bill which allowed to place BTC as an alternative legal tender in the country.
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Nayib Bukele, the president of El Salvador who signed this legislative framework into law 3 years ago, returned to these experiments and drew up an initial assessment :
Bitcoin Hasn't Had the Widespread Adoption We'd Hoped Foralthough many Salvadorans use it and the majority of large companies in the country have done so.
The Salvadoran head of state insisted that the use and possession of BTC was free, and that no person in the country had been forced to adopt it. ” We offered it as an option, and those who chose to use it benefited from the rise of Bitcoin. “, specifies Nayib Bukele.
The leader was nevertheless satisfied with the possible profits made by the country's inhabitants who decided to bet on Bitcoin. I'm not going to say that it's the currency of the future, but there's a lot of future in this currency. “, judges Nayib Bukele, which plans to continue its efforts to generalize its usewho was re-elected last June.
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El Salvador multiplies initiatives to generalize the adoption of Bitcoin
The Bitcoin law adopted on September 7, 2021 in El Salvador made the country the first in the world to adopt cryptocurrency as legal tenderIts goal: to digitize its economy and reduce its dependence on the U.S. dollar, the most widely circulated fiat currency in the nation.
Upon its entry into force, The Salvadoran government spent $75 million to distribute about $30 in BTC to people registered on the Chivo walleta project he supported.
In all, Nayib Bukele affirmed that His country had invested about 135 million dollars following the adoption of this bill.. A necessary investment in the eyes of the head of state, who considers that this has helped to attract investors and strengthen its tourism sector.
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The country has also equipped itself with a strategic reserve, owning at least 5,766 BTC as of last Juneor more than $340 million at the current price. With its “1 Bitcoin a Day” program, El Salvador wants to show its desire to sustainably integrate this cryptocurrency into the national economic fabric.
From, THE Salvador has launched other initiatives aimed at democratizing the use of BTC. For example, a bill aims to create private investment banks using Bitcoin, and no fewer than 80,000 Salvadoran civil servants have begun training to raise their awareness of new technologies, which include cryptocurrencies.
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Source: Time Magazine
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Surprised by the rise of crypto-assets in the late 2010s, I started to closely follow this sector that fascinates me to the highest degree. When I am not in football stadiums, rugby or handball halls, I work on writing relevant articles about cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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