By Q’Hubo News Team
El Salvador has been in the spotlight for the past few months as their government had approved the “Bitcoin Law”. “But the policy has drawn criticism across the country. Nearly 70% of Salvadorans surveyed by the Central American University disagreed with the administration’s decision to adopt bitcoin as legal tender. Many were also unsure of how to use the digital currency.”(cnbc.com). As we can see, El Salvador is doing a risky experiment with their newly established approval of making Bitcoin a legal tender. The measures have been believed to be taken by the government to find a way to become less dependent of the US Dollar.
“If someone wants to continue loading cash, not receive entry bonus, not win over customers who have Bitcoin, not grow your business and pay commission on remittances, you can keep doing it,” he tweeted.”(Decrypt.com) Nayib Bukele, the president of El Salvador has been betting big in the currency, he believes it is the future of economy and wants to be part of History by making El Salvador the first country to make the currency a legal tender but this has seem to bring both praises and backlash. Many international lending organizations like the iMF and others have been weary of the situation in El Salvador and are monitoring how things are going in this country.
Even as people have been protesting this new law, it seems like a lot of them simply do not know how to operate with the new currency. It will take years to know the real effects of the new law taking place in this country but until then we simply have to sit and wait to see how the historic move will affect millions of lives
Author: Amaury Abreu
