A few days ago, a really interesting unique experiment was published by the Cointelegraph, whose editors went on a trip to El Salvador to show us how BTC will actually work in practice. Among other things, the report also included a survey of the satisfaction of the population. Do people believe that BTC could really benefit the economy?
What is the situation in El Salvador?
BTC was officially adopted in El Salvador a month ago as legal tender, adding to the US dollar. The law will come into force on September 7. Residents will be able to use the largest cryptocurrency to buy goods, services and, of course, pay taxes and debts.
Salvadoran President Nayib Bukele sees the adoption of BTC as a huge opportunity for up to 70% of the local population, who have virtually no access to banking services. Among other things, BTC can attract a large number of investors who will provide the state with new jobs.
The opposition is still concerned
According to opposition politicians and analysts, the biggest threat to the country’s economy is especially the high volatility of BTC.
Another major concern is the lack of Internet penetration in the country as well as the catastrophic informing of people about cryptocurrencies. However, the president promised to build the necessary infrastructure in the country. This is to include the installation of 1,500 BTC ATMs and the realization of a government wallet, which will guarantee people an immediate conversion of BTC to USD.
Will that be enough for the success of Bukele’s monetary experiment? You can find the answers to this question in the attached unique video above.