The President of El Salvador has announced that bitcoin will soon be able to be used as legal tender throughout the country. One way to reduce the influence of the dollar and which could well spread to neighboring countries.
It was Nayib Bukele, the President of El Salvador who announced it himself: the use ofas legal tender will soon be possible on the territory of the country. This is the first time that a Latin American country formalizes the adoption of a cryptocurrency in the same way as the dollar which remains the fiat currency of the country.
With bitcoin, the president intends to improve the standard of living of families with low incomes when about 30% of the inhabitants do not have a bank account. And the power in place relies mainly on international transfers of bitcoins from expatriates to achieve this. With the advantage, the absence of withdrawals made by intermediaries and a stratospheric bitcoin value. It should be noted that these Salvadoran emigrants contribute more than 20% of thefrom the country. As a first step, the State will inject $ 150 million to facilitate the acquisition of .
The National Assembly has just voted for the use of bitcoin as a local currency in El Salvador. © Twitter
Bitcoin to challenge the US dollar
This decision is also a political coup to show the country’s mistrust of American influence and in particular its dollar, whose variations strongly affect El Salvador as well as other Latin American countries, such as Panama. or the signing a certain form of distrust of the great American neighbor. Nayid Bukele also modified his profile picture by adding a kind of bluish ray at the level of the . A symbol that spreads with a red variant on the profiles of the supporters of this initiative.. The president, with an authoritarian temperament, has also underlined his intentions with a
El Salvador is not the first country in the sector to bet on a cryptocurrency to strengthen its autonomy vis-à-vis the dollar. This is also the case for Venezuela where thelaunched a locale called petro and which is indexed on the . In any case, this decision will certainly trigger a craze towards cryptocurrencies in this zone since countries like Argentina, Paraguay or Panama are supporting to of tweets this initiative.