Why Is Ukraine Is Doing An “El Salvador” And Making Bitcoin Legal Tender?

Why Is Ukraine Is Doing An “El Salvador” And Making Bitcoin Legal Tender?

Last week, Ukraine legalized cryptocurrency in a near-unanimous vote. And it looks like the former Soviet bloc republic is taking things a step further by making Bitcoin legal tender. Legal tender refers to a lawfully recognized means of exchange to settle a debt or meet a financial obligation. In other words, if enacted, Bitcoin would […]


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Resistance against El Salvador’s move to make Bitcoin a legal tender persists even as the law comes into effect. The year 2021 will probably go down the history books as one of Bitcoin’s (BTC) most interesting years, given its recent uptake by billionaires and adoption by mainstream institutions, not to mention El Salvador’s move to make it legal tender. In El Salvador’s case, it almost seems as if the whole world is watching this experiment to see whether it will be a success or a total failure for the Central American nation.With Sept. 7 marking the official implementation of Bitcoin as....

Steve Hanke Calls El Salvador’s President “Stupid” For Making Bitcoin Legal T...

Steve Hanke has condemned the legalization of Bitcoin in El Salvador. The economist believes the decision will “completely collapse” El Salvador’s economy. He called the move “stupid.” His reasoning around this being that El Salvador is a dollarized nation and making Bitcoin legal tender would be detrimental to the economy. Professor Hanke was on Kitco […]

An asset for all classes: What to expect from Bitcoin as a legal tender

New tech that reduces costs of international payments would “be a boon for poor countries that rely on remittances” — but will BTC as legal tender fix that? For much of its life, Bitcoin (BTC) has been viewed mainly as a speculative financial instrument, but El Salvador’s dramatic move in making BTC a legal tender is a reminder that cryptocurrencies can play a role in uplifting the world’s less-well-off citizens.Two surprising facts emerged on the global stage at the start of June: First, 70% of El Salvador’s population do not have bank accounts, and second, remittances — i.e., money sent....

Bitcoin too volatile to be adopted as legal tender, says BoE chief

The Bank of England promotes CBDCs as a “revolution of money,” while Brits are not really willing to use it. Bank of England governor Andrew Bailey has expressed concerns over El Salvador’s adoption of Bitcoin (BTC) as legal tender after President Nayib Bukele announced the launch of Bitcoin City.Bailey argued that ​​El Salvador’s decision to adopt Bitcoin as a currency was alarming because consumers are likely to suffer from the cryptocurrency’s extreme volatility.Trading around $43,000 on the first day of El Salvador’s Bitcoin adoption as legal tender, Bitcoin surged to a new historical....