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El Salvador’s Bitcoin strategy evolved with the bear market in 2022

  • 📰 Cointelegraph
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How has the crypto bear market affected the Bitcoin-friendly El Salvador? Dropping prices means difficult times, but it's also attracted some potentially beneficial international attention.

While some parts of the implementation of Bitcoin as a legal tender went according to plan, many didn't, which resulted in some unintended consequences.

Furthermore, El Salvador is a poor country with one of the lowest rates of internet use in the Americas. There are many vendors, street hawkers and farmers who are not equipped to handle cryptocurrency transactions. Thus, the usage of Bitcoin for everyday transactions is low, despite the government's big push.

Before the Bitcoin Law, a large portion of Salvadorans lacked a mechanism to retain their money digitally and conduct transactions with one another. Hence, the project introduced many residents to the idea of savings and investments.

 

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What an appalling article. Lies and misdirection throughout. Lie 1: The ElSalvador government continues to describe the Chivo banking app as a 'wallet'. It is NOT a wallet. It is simply a banking app to connect to the government's Chivo banking system. 1/

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