Working Study Says Despite Legal Tender Status, Bitcoin Is Not a Widely Accep...
According to a working study published by the U.S. National Bureau of Economic Research (NBER), most Salvadorans stopped using the Chivo wallet after getting their $30 bitcoin bonus. The report shows that the median Chivo wallet user made no deposits or withdrawals in a given month. NBER Study: Only 4 out of 10 Salvadorans Use Chivo Wallet After Government’s Bitcoin Bonus An April 2022 working study published by the NBER, asks if cryptocurrencies are indeed currencies after researching bitcoin (BTC) as legal tender in El Salvador. NBER conducted a face-to-face survey with 1,800....
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Samson Mow, CEO of JAN3, has released an analysis of recent amendments to El Salvador’s Bitcoin Law, casting new light on whether Bitcoin remains legal tender in the country. While the Salvadoran government has repeatedly assured that “everything is awesome,” Mow urges caution, noting that the revisions both preserve Bitcoin’s legal tender status and dilute […]
"You can buy gold, diamond, crypto, but that will have not have the value authorization by government," said T.V. Somanathan. T.V. Somanathan, the finance secretary for the Indian government, is reportedly pushing back against the narrative that cryptocurrencies will be widely accepted in the country — by dismissing the possibility of using them as legal tender.According to a Wednesday tweet from Asian News International, Somanathan said that a digital rupee backed by the Reserve Bank of India, or RBI, will be accepted as legal tender, but major cryptocurrencies have no chance of doing so.....
In the existing paradigm, we rely on government-issued currency – it often offers security, stability, and standardization of transactions, all essential qualities for a successful legal tender. But, what happens when a government fails? What happens when an economy or a country is in crisis? El Salvador is a perfect, yet unfortunate example of how […]
Bitcoinist has followed closely the rollout of The Bitcoin Law in El Salvador. Via the National Congress, this country gave BTC the status of legal tender, the implications of this action are still under scrutiny but point toward a new phase of adoption for the crypto industry. Related Reading | News From El Salvador, Early […]
One of the largest rating agencies in the U.S., Fitch Ratings, has downgraded El Salvador’s long-term default rating deeper into junk status, citing risks from adopting bitcoin as legal tender as a key reason. “The adoption of bitcoin as legal tender has added uncertainty about the potential for an IMF program that would unlock financing for 2022-2023,” Fitch detailed.
El Salvador Downgraded to Junk
Fitch Ratings downgraded El Salvador’s Long Term Foreign Currency Issuer Default Rating (IDR) from “B-” to “CCC”....