Bitcoin adoption has been on the rise, and this time around, the Latin American population has shown their interest in adopting cryptocurrencies and especially Bitcoin. At this year’s crypto conference in Miami, El Salvador’s president took the podium, and his words shocked all of the attendees and the internet for sure when he announced that El Salvador would be adopting Bitcoin for legal, financial tenders. He further explained that the bill would be presented before the cabinet, and upon voting, the whole thing will be legalized. The next steps took only a few more days, and El Salvador became the proud country to adopt Bitcoin for the first time on a national level anywhere in the world.
Would Bitcoin Become the Local Coin for the El Salvador People?
This did send a spark flying and buzzing away to other countries in Latin America, and soon, the whole region was praising the doing of El Salvador and thinking about doing the same. Even if no one else came forward with the same outcome, i.e., adopting Bitcoin on a national level, others are definitely thinking about it. El Salvador did try to move things up a notch as another news of paying salaries to masses in Bitcoin has surfaced.
There are three ministers that are currently discussing the possibility of this outcome, and it is still not clear whether the companies and both private and government enterprises will be paying people in Bitcoin or not. At this moment, it is all a thought, and nothing is rigid, and that is why open to discussion.
Ronaldo Castro, the Minister for Labor and Social welfare El Salvador, has come forward with the news; nothing is final yet as this is only a suggestion at this moment. But even if this suggestion is to get approved, how would the companies fight cryptocurrency’s volatility?
This is quite a serious issue as the volatility of the market might not allow for this suggestion to see approval because Bitcoin as a cryptocurrency can’t be fully regulated. This might ball be an impulsive thought coming from some Bitcoin enthusiasts in the government and might fly away, or it could be serious and the very future of financial prosperity in El Salvador.