Last month, Bitcoin was adopted as legal tender in El Salvador, joining the ranks of the U.S. dollar.
The country’s new Bitcoin law, which will be implemented on September 7th, will allow Salvadorans to use Bitcoin (Bitcoin) As currency for purchasing goods and services and paying taxes and debts.
The President of El Salvador, Nayib Bukele, stated that the adoption of Bitcoin will benefit 70% of the local population who do not have access to banking services. He also believes that this will attract investment and create new jobs.
However, the Bitcoin law has raised multiple concerns. Skeptics say that the high volatility of cryptocurrencies may pose a threat to the country’s financial stability. The extremely low Internet penetration rate, coupled with the lack of domestic education on Bitcoin and cryptocurrencies, may also prevent Bitcoin from being widely adopted in El Salvador.
In order to promote the adoption of Bitcoin, President Bukele promised to build the necessary infrastructure. This includes 1,500 Bitcoin ATMs and a government wallet, which is designed to guarantee the immediate conversion of Bitcoin into U.S. dollars.
Is this enough for Booker’s currency experiment to succeed? To answer this question, Cointelegraph spoke with the people of El Salvador and critics and supporters of Bitcoin law.