Resource: Bitcoinmagazine.com
7 months ago
Date: 07 Sep 2022 -

The adoption of bitcoin as legal tender has introduced some controversy but also undeniable benefits to the country.This is an opinion editorial by Gaby Vivas an entrepreneur in Latin America providing outsourcing services worldwide and a longterm investor in bitcoin.El Salvador made history by becoming the first state to use bitcoin as legal tender when it was officially announced by their president in June 2021. The Salvadoran government approved bitcoin as legal tender in a country with almost 70 of people outside of the banking system and a large portion of their productive population living abroad since 2006. Bitcoin as legal tender addresses these two issues. Before we start talking about the financial solutions bitcoin gives to El Salvador we need to remember what Legal tender means and how it is appliedLegal to tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender but essentially it is anything which when offered tendered in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment but the act of tendering the payment in legal tender discharges the debtLong Term Plan For Building Out The Infrastructure Of The Country.In September 2021 El Salvador began requiring all businesses to accept bitcoin and follow Article 102 of the Constitution of the Republic The State is under the obligation to promote and protect private enterprise generating the necessary conditions to increase national wealth.It is believed by many in the bitcoin community that by 2025 several other nation states will adopt bitcoin. El Salvador in 2021 wanted to ensure that their citizens and future investors would have an advantage as other countries acquire bitcoin. This enables them to build out the countrys infrastructure prior to that coming adoption. Other countries have come to El Salvador to better understand the transition and how they can apply it to their countries. In the last year El Salvador has seen foreigners promoting international projects that have a positive impact on the economy. These projects include medical institutions tourism and other investments that have created job opportunities for Salvadorans. They have also instituted security measures to encourage people to visit El Salvador and invest. El Salvador continues to look for investments to continue to build out the local infrastructure.Because of the adoption of bitcoin those citizens who left in the diaspora will be encouraged to return to El Salvador. When they return they will bring with them the potential to positively impact the Salvadoran economy. Private sector creates more than 65000 new jobs. The Largest Investment Bet In HistoryRemittances have gone to investment no longer to consumption and there are more than 100 projects that represent 400 million from the diaspora.People outside of the country are enthusiastic about the change in El Salvador but because of the lack of understanding of Bitcoin people inside are often hesitant to trust the new economic system that President Bukele instituted a year ago. Other countries in Latin America are already attempting to replicate the Salvadoran model. Leaders from the central banks of Paraguay Haiti Honduras Ecuador Costa Rica and Dominican Republic have already had meetings with Bukele. According to the World Tourism Organization. El Salvador is now ranked 13th out of the 15 countries listed showing up amongst the topperforming destinations in terms of revenue in the first five months of 2022. According to Bitcoin Magazine the country is on track to earn 99 million more from tourism this year compared to 2019. In fact support for Nayib Bukele has increased compared to the rest of the Presidents in Latin America. The latest survey by La Prensa Grafica Newspaper gave President Nayib Bukele an 87 approval rate after three years in office. 86.8 of Salvadorans responding said that they approve of the work President Nayib Bukele has done after three years in office. Image source But what do people actually think about El Salvadors bitcoin adoption An anonymous citizen in El Salvador told us they have not seen any change in the economy and that few people use bitcoin for their own transactions. People do not feel secure about the usage and implementation of bitcoin. People are still very distrustful because they do not know if the Bitcoin network is secure. The Chivo Wallet which has been plagued with issues and has had a mixture of effects on the rollout according to the anonymous citizen. There has not been enough education and there are very few people who have been able to educate themselves. There is still not enough access to the internet in El Salvador. Different plans to bring satellites did not happen yet and everything is still in the pipeline they stated.El Salvadors internet penetration rate stood at 50.5 of the total population at the start of 2022. Despite these concerns the country continues to lean into development surrounding Bitcoin and the infrastructure necessary to facilitate this. In the end it is yet to be seen if their bet on Bitcoin will pay off. This is a guest post by Gaby Vivas. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Read in the source

Share this page

馃憫 Collect a daily bonus of 10 Crowns every day for free! Collect the bonus on the personal page of the Crowns
馃敆 Join our referral program and earn 小rowns together! Invite your friends to our friendly community

Crypto Overview Show morenavigate_next

USDT Market Price Change (24H) Market Cap Last 7 Days
39997.79 $ 0 % 760.32 Billion $
3001.33 $ 0 % 360.05 Billion $
1.001 $ 0 % 82.65 Billion $
398.86 $ 0 % 59.29 Billion $
1.004 $ 0 % 50.96 Billion $
101.49 $ 0 % 33.28 Billion $
0.122 $ 0 % 31.52 Billion $
0.7024 $ 0 % 30.96 Billion $
82.96 $ 0 % 29.44 Billion $
0.9455 $ 0 % 29.42 Billion $

Crypto News Show morenavigate_next

KwikTrust is a nextgeneration evalidation platform that provides more secure file validation and management than ever possible before. The platform is also home to the SuperNFT enabling a unique class of NFTs that raise the bar for security identity provenance and ultimately trust opening the door for new asset classes across finance deeds of ownership and intellectual property. KwikTrusts vision

Zimbabwe currently faced with incredible inflation and tough sanctions could massively benefit from increased adoption of the open network of Bitcoin. The Small Steps To ResilienceScalability is the essential property of money. It is the ability for a good to be sold easily on the market without much loss in its value. Saifedean AmmousScalability Through Time And

The Ethereum Foundation has confirmed that the longawaited Merge is expected to come sooner than previously expected.8220Following years of hard work Ethereums proofofstake upgrade is finally here The successful upgrade of all public testnets is now complete and The Merge has been scheduled for the Ethereum mainnet.8221According to a new blog post the mainnet migration to a proofofstake network wi

The post Ethereum To Witness A Huge Liquidity ETH Price To Drop Below 1000 Again appeared first on Coinpedia Fintech amp Cryptocurreny News Media Crypto GuideAfter spending most of the previous weeks in red today the global cryptocurrency market has flipped to green. This price action has been boosted by the leading cryptocurrency Bitcoin BTC which has temporarily surpassed the important 20000 mi

Celsius Network 8211 a wellknown DeFi platform and one of the largest cryptocurrency lenders announced that it is pausing withdrawals swaps and transfers between accounts.The market continues to tumble with BTC dropping to 18month lows while ETH crashed towards 1300.This left a whopping 500 million in liquidations over the past 24 hours alone.Citing 8220extreme market conditions8221 Celsius Networ

The post Traders Can Expect Bitcoin BTC Bull Rally in 2022 Only If This Past Cycle Repeats appeared first on Coinpedia Fintech amp Cryptocurreny News Media Crypto GuideIts been a while since the global crypto market cap has been trading below 1 trillion mainly due to the Bitcoin price which lost the crucial levels yesterday and fell to 18000. However now BTC seems to be struggling for recovery an

Options for Ethereum ETH futures are coming to the worlds leading derivatives marketplace Chicago Merchantile Exchange CME. The futures options will be launched next month just days before the most significant upgrade in the history of Ethereum goes live.Managing Ether Price RiskThe CME Group has announced that it intends to launch options trading for its existing Ether futures. The Chicagobased

The team behind the memeinspired cryptocurrency Shiba Inu SHIB has announced the upcoming launch of a token burning portal that is set to help the cryptocurrencys community burn tokens in an effort to reduce its circulating supply. In an Ask Me Anything AMA session on social media with Watcher Guru Shiba Inu team member Archangel

The post Ethereum Price Primed to Drop to 1300 While Bitcoin Flashes A Buy Signal appeared first on Coinpedia Fintech amp Cryptocurreny News Media Crypto GuideWith the fresh price slash within the crypto space the global market cap is yet again feared to drop below 1 trillion. The 24hour trading volume also plunged heavily by more than 15 while the stablecoins volume constitutes more than 92 of t

PRESS RELEASE 8211 Please Read DisclaimerMaskEX and Nova Battles partnership announced at the beginning of 2022 is growing and bearing its fruits. From now on gamers and crypto lovers can experience the joy of each passion under one roof 8211 MaskEX.The partnership serves to develop the options for each platforms users while supplying additional activities through cross transits such as an initial

BTC and ETH fell precipitously after Fed Chair Jay Powells remarks in Jackson Hole on Friday.

Eric Adams wants Governor Kathy Hochul to veto a recent bill passed by the New York State senate to cap PoW mining at its current level.

For quite a while now blockchain technology and the applications anchored on it have been the hottest trends in business and finance. The increase in popularity of cryptocurrencies especially after the COVID pandemic has created new business models and investment opportunities.Generally speaking there are two broad categories for investors to put their money in cryptocurrencies and projects implem

The past few weeks have not been kind to the cryptocurrency industry and the financial markets. In line with the fear of a growing conflict in Ukraine the civil unrest in Canada and the Feds decision to raise interest rates the prices of most assets significantly declined. Bitcoin for one dropped to 36000 which is its lowest price since February 3rd.Keeping in mind those events many envisioned the

A former professional baseball player turned quickly into an NFT mogul after trying his hands on the digital art industry. Micah Johnsons NFT art sales fetched a handsome price of 19 million in total according to Cryptoart.com. But how did the two worlds collide Johnson was active in the league from 2015 to 2017 and 8230