Coercion and coexistence: How El Salvador’s Bitcoin Law may change global fin...
Clearly, the thing thats transforming is not the technology the technology is transforming you. Jeanne Ross, formerly of the MIT Sloan Center for Information Systems ResearchIf El Salvadors Bitcoin Law was the shot heard round the world for Bitcoin, then when the International Monetary Fund (IMF) and the World Bank questioned the legislation, it was the incumbent empire striking back.However, if El Salvador can implement its Bitcoin Law despite numerous technical and legal hurdles, it may force changes upon the organizations that oppose it and hasten reforms in how United States tax and....
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Fitch warned that mainstreaming Bitcoin without clarity can introduce volatility and operational risks for Salvadorans. Fitch Ratings has become the latest global credit rating agency to warn El Salvador against adopting Bitcoin (BTC) as legal tender, expressing concerns that crypto assets could cause systemic risks for the Latin nation.Citing the country’s lack of clarity in Bitcoin’s implementation in mainstream markets, Fitch Ratings warned about the inherent volatility and operational risks for citizens associated with the crypto ecosystem. In addition, the agency pointed out El....
Those who marched against Bitcoin this week claimed the cryptocurrency was too volatile and would allow businesses to "launder ill-gotten money." Protesters calling themselves the Popular Resistance and Rebellion Block have come out against El Salvador’s government passing a law making Bitcoin legal tender.A Tuesday tweet from local news outlet El Mundo shows El Salvadorians carrying banners saying “no to Bitcoin” in the streets of San Salvador demanding a repeal of the country's Bitcoin law. Legislative assembly members Anabel Belloso and Dina Argueta addressed the protesters after first....
Everything surrounding the ACES act is almost comedic. U.S. Senators Jim Risch, Bob Menendez, and Bill Cassidy introduced the “Accountability for Cryptocurrency in El Salvador” AKA the ‘‘ACES Act.’’ It’s bipartisan legislation that would allow the U.S. to produce a full report on El Salvador’s post-Bitcoin Law situation. Related Reading | Crypto Regulation: U.S. Senator […]
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....
With El Salvador’s Bitcoin Law poised to take effect, we speak with a prominent Salvadoran entrepreneur about his thoughts on the development.