Nipate
Forum => Kenya Discussion => Topic started by: Nowayhaha on September 07, 2021, 09:40:51 AM
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https://www.rt.com/news/534108-salvador-buys-first-bitcoin/
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El salvador - what country is that? If their currency has failed like Zim - bitcoin is better
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https://en.wikipedia.org/wiki/El_Salvador
El Salvador (/?l ?sælv?d??r/ (About this soundlisten); Spanish: [el sal?a?ðo?] (About this soundlisten), literally "The Saviour"), officially the Republic of El Salvador (Spanish: República de El Salvador), is a country in Central America. It is bordered on the northeast by Honduras, on the northwest by Guatemala, and on the south by the Pacific Ocean. El Salvador's capital and largest city is San Salvador. As of 2021, the country had a population of approximately 6,825,935.
El Salvador ranks 14th among Latin American countries in terms of the Human Development Index and fourth in Central America (behind Panama, Costa Rica, and Belize)[citation needed] partly because of ongoing rapid industrialization.[25] However, the country continues to struggle with high rates of poverty, inequality, and gang-related violent crime, However, at present, El Salvador has the highest level of equality in the Latin American and Caribbean region, only surpassed by Uruguay,[26] and it is also the 34th happiest country in the world according to the world report on happiness and according to the Happy Planet Index,[27] El Salvador is the seventeenth happiest
(https://upload.wikimedia.org/wikipedia/commons/e/e3/El_Salvador_%28orthographic_projection%29.svg)
(https://upload.wikimedia.org/wikipedia/commons/e/e2/El_Salvador_Departments_Map_Mapa_Departamentos_El_Salvador.png)
El salvador - what country is that?
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I see you're also into cryptoshiet. Utalia tu. Countries will never give up the minting of currency and guns to some anonymous online gangs.
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https://www.indiatoday.in/business/story/imf-warns-nations-against-adopting-crypto-assets-as-legal-currency-here-s-why-1847523-2021-08-31
he International Monetary Fund (IMF) has warned countries against adopting cryptocurrency assets as national currency. It said the adoption of cryptocurrency assets such as Bitcoin can impact a nation’s macroeconomic stability.
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The IMF’s warning comes at a time when central American nation El Salvador is getting ready to officially adopt Bitcoin, the world’s most popular cryptocurrency, as legal tender from September 7.
It may be noted that the country is witnessing widespread protests against the adoption of Bitcoin as an official currency. In June, El Salvador became the first country in the world to pass a law to award a legal status tender to Bitcoin.
Read | El Salvador offers citizenship to Bitcoin holders, approves Bitcoin as official currency
However, IMF was not happy with the nation’s plan and had issued a warning shortly after the legislation was passed.
In a tweet on Sunday, IMF said, “Privately issued crypto-assets like bitcoin come with substantial risks. Making them equivalent to a national currency is an inadvisable shortcut.”
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IMF also shared a blog along with the tweet. In the blog titled ‘Crypto assets as National Currency? A Step Too Far’, IMF highlighted how risky it is for nations to adopt virtual coins as legal tender.
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“Some countries may be tempted by a shortcut: adopting crypto-assets as national currencies. Many are indeed secure, easy to access, and cheap to transact. We believe, however, that in most cases risks and costs outweigh potential benefits,” IMF said.
IMF EXPLAINS CRYPTO RISKS
The IMF said households and businesses would have little or no incentive to save in a “parallel” crypto asset like Bitcoin even if it was awarded a legal tender status. “Their value is just too volatile and unrelated to the real economy,” IMF said.
It also said that having a parallel crypto-asset currency would lead to confusion among people. “Similarly, government revenues would be exposed to exchange rate risk if taxes were quoted in advance in a crypto asset while expenditures remained mostly in the local currency, or vice versa," IMF said.
The fund went on to say that banks and other financial institutions would also be exposed to the massive valiantly and fluctuation encountered by cryptocurrency assets.
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El Salvador is a failed state. Has so many refugees trying to make their way to the US although it is such a small country. El Salvador and Honduras are the two Somalia of South America.
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https://www.rt.com/business/533195-cuba-cryptocurrency-resolution-official/
The Cuban government will officially recognize cryptocurrencies for payments on the island, according to a resolution published in the Official Gazette.
The resolution states that the Central Bank of Cuba can now authorize the use of cryptocurrencies “for reasons of socioeconomic interest.”
ALSO ON RT.COMIndia ranks 2nd in the world in cryptocurrency adoption – report
However, the central bank will introduce a set of rules for the use of the currencies within the country, as well as controlling the licensing of providers of crypto-related services. The resolution also warned that crypto-related operations can’t involve illegal activities.
Cryptocurrencies have been gaining popularity among Cubans in recent months, as it has become harder to use US dollars due to the embargo rules which were tightened under former US President Donald Trump. Because of the embargo, for instance, Cubans have no access to Visa or Mastercard products. Also, Western Union, the world’s largest money transfer service, suspended dollar transfers to Cuba in November of last year.
ALSO ON RT.COMGoodbye dollar? El Salvador to make bitcoin LEGAL TENDER in September
Earlier this year, El Salvador became the first country in the world to officially embrace cryptocurrencies. In June, the nation’s Congress approved legislation adopting bitcoin as legal tender. The law will come into force in September.
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El Salvador is a dollarized economy.
They replaced their junk currency with green back, it has worked like a charm.
They have no currency problems, so why are they experimenting with an unproven cryptocurrency?
Their corrupt president stands to benefit from Bitcon companies setting up the system.
Public reception has been poor, so much so they are forcing people to adopt by force through law.
It will end in failure.