Gadgets News

El Salvador may be the first country to accept Bitcoin as a legitimate currency

El Salvador may be the first country to adopt a well-known currency. According to that CNBC, President Nayib Bukele said he had called for a bill that would make Bitcoin valid along with the US dollar. The government is partnering with Strike digital wallet to create a financial system around a kind of digital currency.

Strike co-founder Jack Mallers says Bitcoin can help countries like El Salvador protect themselves from “potential risks” to economic prices.

The money is expected to pass as the Bukele party leads Parliament in El Salvador.

This move may not be as solid as it seems. CNBC they also claim that the transfer of funds from refugees represents about 20 percent of El Salvador’s total wealth, often with heavy fines and long delays. Bitcoin and other advanced technologies can make the transfer process more efficient and efficient. Citizens love digital payments – the Strike program became one of the most popular programs in the country when it was launched in March.

This still represents gambling, however. Bitcoin is not supported by a fixed economy like gold or a major national government. Like other cryptocurrencies, it is consistent – large spikes and dots often tied to events which may seem small elsewhere. A person who relies on Bitcoin transfers for cash can be ruined if the price goes down with a low warning.

Just starting a crypto payment does not guarantee that you will do well. Venezuela did not go far enough Peter’s money, although it was designed primarily as the end of international sanctions. It is also bound to the oil, which has remained unchanged due to the COVID-19 epidemic.

If the move to El Salvador succeeds, however, it could give Bitcoin and other cryptocurrencies another financial position by making it easier to do business with the rest of the world. Don’t expect other countries to agree on Bitcoin. For example, the US Federal Reserve is exploring its digital currency. The people of Salvador will probably have to deal with exchange rates and other problems, although all digital currencies will solve some problems.

All the products that Engadget selected were selected by our management team, independent of our parent company. Some of our articles include helpful links. If you purchase one of these links, we will be able to make a donation.

Source link

Related Articles

Leave a Reply

Back to top button