What is really behind El Salvador’s ‘Bitcoin Law’? Experts answer
Here’s what crypto and blockchain experts think about Salvadoran President Nayib Bukele’s announcement that Bitcoin is now legal tender. Wouter Witvoet, CEO of DeFi Technologies:“In the past, El Salvador struggled with trust in its monetary policy, so in 2001, it ‘dollarized’ its economy and effectively gave control of its monetary system to the U.S. Federal Reserve. It saw the U.S. dollar as a more stable, trustworthy currency than its own. Since the 2008 global financial crisis, the U.S. has been pursuing a very experimental form of monetary policy involving tools like quantitative....
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Last year El Salvador dominated headlines as the first country to adopt Bitcoin as legal tender. Now, it’s time to promote mainstream adoption from the ground up. Last year, El Salvador dominated headlines as the first country to adopt Bitcoin as legal tender. The move is controversial both in and outside of the country, heralded for its potential to bring financial services to large portions of El Salvador’s unbanked population and criticized for its top-down implementation. This has created a sense of uncertainty and made some Salvadorans feel they lacked a choice, despite locations like....
El Salvador’s move to make Bitcoin legal tender in the country continues to elicit reactions from legacy finance gatekeepers — this time, from the Bank for International Settlements. Benoît Cœuré, Bitcoin (BTC) critic and the head of the innovation hub at the Bank of International Settlements, called El Salvador’s historic move to make BTC legal tender in the country an “interesting experiment.”According to Reuters, Cœuré made this assertion during the launch of the BIS’s fourth innovation hub in England on Friday, stating:“We have been clear at the BIS that we don’t see bitcoin as having....
Member of Paraguay ‘s parliament Carlos Rejala fooled the world with his laser eyes. His supposed “Bitcoin Law” proposal doesn’t even mention Bitcoin. Rejala heard about El Salvador’s news and attached himself to it trying to steal its thunder. He then deployed a Twitter marketing campaign with big promises and ended up disappointing the whole […]
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 […]
With El Salvador’s Bitcoin Law poised to take effect, we speak with a prominent Salvadoran entrepreneur about his thoughts on the development.