El Salvador’s Bitcoin Law: Understanding alternatives to government intervention
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....
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The bill would direct federal agencies to scrutinize how El Salvador implements its Bitcoin law. El Salvador president Nayib Bukele reacted to the news that the recently proposed Accountability for Cryptocurrency in El Salvador Act (ACES) had passed the U.S. Senate Foreign Relations Committee and will now head to a full Senate vote. The 40-year old national leader responded emotionally on Twitter:Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here. pic.twitter.com/QgJPa70mn0— Nayib Bukele (@nayibbukele) March 23, 2022 On....
In the decade since the Global Financial Crisis, we’ve seen all sorts of schemes designed to show that everything’s really OK. Bail-outs, bail-ins, quantitative easing, zero and negative interest rates, even hints at helicopter money. The U.S. Federal Reserve’s latest thought-bubble is buying shares on the stock market. All these plans have one big....
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 […]
The majority of El Salvadorans are skeptical of the country’s impending Bitcoin Law, with 90% of locals describing their understanding of crypto as poor or non-existent. With less than a week to go before El Salvador's Bitcoin Law takes effect on Sept. 7, a majority of citizens surveyed are opposed to government-mandated cryptocurrency adoption.A survey conducted by the local Central American University’s (UCA) Institute of Public Opinion has found that 70% of Salvadorans believe President Nayib Bukele’s Bitcoin Law, recognizing the cryptocurrency as legal tender, should be repealed.....
Understanding El Salvador’s Bitcoin Law and dispelling FUD around Bitcoin adoption.