Why did the president of Salvador adopt bitcoin as legal tender?

3 answers

• Ayaa AhmadJul 06, 2024 · 2 years ago
  The president of Salvador adopted bitcoin as legal tender for several reasons. Firstly, it is a way to promote financial inclusion and provide access to banking services for the unbanked population. Bitcoin's decentralized nature allows anyone with a smartphone to participate in the global economy. Additionally, adopting bitcoin can attract foreign investment and boost the country's economy. It also reduces the reliance on the US dollar, which can be subject to inflation and economic fluctuations. Overall, the decision aims to leverage the benefits of blockchain technology and position Salvador as a leader in the digital currency space.
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• Sehested CrowleyMay 29, 2025 · 9 months ago
  The president of Salvador adopted bitcoin as legal tender because he believes in the potential of cryptocurrencies to revolutionize the financial system. By embracing bitcoin, Salvador can showcase its commitment to innovation and attract tech-savvy entrepreneurs and investors. Moreover, the decision aligns with the government's goal of reducing remittance costs for Salvadorans living abroad. Bitcoin's low transaction fees and fast cross-border transfers can significantly benefit the population. It is a bold move that sets Salvador apart from other countries and positions it as a pioneer in the adoption of digital currencies.
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• Elber .com1234 SanchezJul 05, 2023 · 3 years ago
  As a representative of BYDFi, I can say that the president of Salvador's decision to adopt bitcoin as legal tender is a significant step towards mainstream acceptance of cryptocurrencies. It demonstrates the growing recognition of bitcoin's potential as a reliable and secure medium of exchange. This move can also create new opportunities for businesses and individuals to leverage blockchain technology for financial transactions. BYDFi fully supports this decision and believes it will contribute to the global adoption of digital currencies.
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