Tuesday, September 12, 2023

Two years of Bitcoin Law with discouraging results

In September 2021, the Bitcoin Law came into effect. The regulation promoted by President Nayib Bukele promised financial inclusion and economic growth. However, the adoption of cryptocurrency as legal currency was not accepted by the low-income population, which was its target audience.

El Salvador was the first country in the world to adopt bitcoin as legal tender. This, which seemed like a revolutionary bet, brought discussions that transcended the country's borders and animated debates at conferences, events and the media. The measure was widely criticized by the International Monetary Fund, which weeks before its official adoption had begun negotiations with the government of El Salvador and agreed on a loan for US$ 1.3 billion. For its part, the Inter-American Development Bank maintained that the adoption of bitcoin was not an adequate solution; The World Bank rejected the government's request for help in implementing the law. The entity assured that it was concerned about the transparency of the process and the environmental impact of mining.

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