Has BTC Adventure Of El Salvador Convinced Everyone?
El Salvador’s new adventure for utilizing Bitcoin (BTC) as a legal tender in the country was responded to by a lot of people enthusiastically because the country was the first to do so. It was seen in the congressional hearing that a significant majority was in favor of the national adoption of crypto. The support of the national wealth was targeting by the authorities of the country as it could benefit a massive number of inhabitants.
The reason behind the adoption
By looking at the scenario some years back, one would realize that the Latin American authorizes were dominating the world violently. But recently, a surge in the rates combined with the weak dominance of the region has placed it in a lower position in comparison with the other countries. Additionally, the extraordinary expenses of fee remittance have destabilized the economy, specifically in the account of those considered as unbanked populations. As a result, the noteworthy benefits of cryptocurrency have been mentioned by the president himself in many tweets.
The reaction of the community to this collective decision
An obstacle always comes from nowhere to clash with Bitcoin legalization, no matter what the circumstances are. Similarly, El Salvador is now countered by the bulk of details about how it is like to have BTC as a legal tender in real life and its operation therein.
As opposed to the authorities in favor of incorporating Bitcoin (BTC) legally for the payment of salaries, the opposition leaders have alarmed for the risks concerning it. Ronald Castro has denied the aforementioned development by stating in a tweet that El Salvador is not prepared for the adoption of BTC as a legal method of salary payment.
A recent study mentions that some concerns have been expressed by a large number of entrepreneurs out of the country about Bitcoin’s adoption as it would influence their capabilities in attracting investors; therefore, the use of Bitcoin should be mentioned as optional. Some similar observations were put forward by the El Salvadoran Industry and Chamber of Commerce. 96% of the votes were cast in favor of the proposition that Bitcoin should be adopted to be utilized optionally. Considering that, the remaining votes were having several views that including that it should be made mandatory within the country.