November 15, 2024

Inside El Salvador’s Bitcoin experiment: Cointelegraph video report

Cointelegraph traveled to El Salvador to investigate whether citizens believe its new Bitcoin Law will be beneficial to the nation’s economy.

Last month, Bitcoin was adopted as legal tender in El Salvador, joining the U.S. dollar.

The country’s new Bitcoin Law, which will be enforced starting Sept. 7, will allow Salvadorans to use Bitcoin (BTC) as a currency to purchase goods and services, as well as to pay taxes and debt.

El Salvador’s president, Nayib Bukele, has stated that Bitcoin adoption will hugely benefit the 70% of the local population that lacks access to banking services. He also believes that it will attract investments and create new jobs.

However, the Bitcoin Law has raised multiple concerns. Skeptics say the cryptocurrency’s high volatility could pose a threat to the country’s financial stability. A very low internet penetration rate, along with a lack of education about Bitcoin and cryptocurrency within the country, could also prevent Bitcoin from reaching widespread adoption in El Salvador.

To boost Bitcoin adoption, President Bukele has promised to build the necessary infrastructure. This includes 1,500 Bitcoin ATMs and a government wallet meant to guarantee instant conversions of Bitcoin into dollars.

Will that be enough for Bukele’s monetary experiment to succeed? To answer this question, Cointelegraph talked with the people of El Salvador, as well as with critics and supporters of the Bitcoin Law.

Check out the full report from El Salvador on Cointelegraph’s YouTube channel, and don’t forget to subscribe!

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