Big Thinking: Bitcoin and El Salvador – worth the effort?

El Salvador recently made history after being the first country in the world to implement bitcoin as a legal tender; however, the situation doesn’t seem as flattering as initially thought by president Bukele. It is relevant to remember the initial motives that drove Bukele towards the implementation of bitcoin as a legal tender: firstly, El Salvador’s great dependency on remittances, accounting for almost one-quarter of the country’s GDP. Secondly, this project is Bukele’s attempt to bring Salvadoreans closer to financial inclusion, given that most of the population doesn’t have a bank account.

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