“Happy bitcoin! On September 7, 2021, Salvador became the first country to accept bitcoin as a legitimate means. A solution that has caused a lot of discussions and continues to cause differences. Four years later, what is the result of this unique experiment? Key points in this article: September 7, 2021, Elalwador made a noise, becoming the first country to accept bitcoin as legal […]”, – WRITE: Businessua.com.ua
Happy bitcoin! September 7, 2021 Salvador became the first country that accepted bitcoin as a legitimate means . A solution that has caused a lot of discussions and continues to cause differences. Four years later, what is the result of this unique experiment?
The key points of this article:
- On September 7, 2021, Salvador made a noise, becoming the first country to accept bitcoin as a legal means.
- Four years later, the results were ambiguous, with ambiguous implementation and Advantages, mainly for large companies.
Bitcoin in El Salvador: A fairly positive economic assessment Four years after the adoption of the bitcoin as a legitimate means, the results, to put it mildly, are ambiguous. On one side, The Salvador Government It proudly demonstrates its achievements: a strategic reserve of 6 313 BTC (more than $ 700 million), a new banking law that allows investment banks working with bitcoins, to serve experienced investors, and to the public education programs for artificial intelligence or cryptocurrency, and 80,000 civil servants received a certificate From bitcoin by 2025.
On the other hand, reality On the ground is inevitably nuanced. According to the July Report of the International Monetary Fund (IMF), Salvador Did not acquire any new bitcoins From the moment of signing the loan agreement for $ 1.4 billion in December 2024. Even better is that in January 2025 the legislative fees Salvador even canceled Bitcoin Act as a Legal Payment Mean and agreed not to buy additional bitcoins at the expense of public funds under this credit agreement with the IMF.
The four -year -old bitcoin story in El Salvador is ambiguous
IMF liar poker on bitcoin reserve However, it seems that between the international institution and the Bitcoin Office, responsible for the purchase, took place Playing in poker which, obviously, continued its program quietly. In the end, the government has also reduced the support of the Chivo bitcoin hammock that is little used by the inhabitants of the country and seems to be a real folk failure .
Despite these failure Salvador’s government continues To promote bitcoin as a miraculous solution for the country’s economy. But is this really true?
According to the World Bank, Gross domestic product (GDP) Salvador increased by 2.6% in 2024, which is lower than the average in the region by 3.2%. Meanwhile poverty level It decreased slightly from 26.3% in 2023 to 25.7% in 2024.
Financially Salvador managed to attract foreign investments due to its Protectcoin policy . In 2024, the country recorded a net inflow of foreign investment of $ 1.2 billion, which is 20% more than in 2023.
It has been a lot of time since the Salvadorians began to use bitcoin in their daily lives, but isn’t it quite natural?
Popular acceptance inevitably in halftones But these numbers hide More complex reality . According to the Fund of Economic and Social Development (Fusades), Salvador Analytical Center, Bitcoin introduction It benefited mainly to large corporations and foreign investors, to the detriment of small local business and low -income households.
The report also stresses that the use of bitcoin in the country remains insignificant and, according to a survey of the Salvador Chamber of Commerce and Industry, it is expected that only 14% of the country’s enterprises will use bitcoin for transactions in 2024.
Four years after the adoption of bitcoin as a legitimate means, the results are ambiguous. Although the Salvador government continues to praise the benefits of bitcoin, the reality is completely different. The introduction of bitcoin has certainly helped attract foreign investments, but had no expected influence on the country’s economy and the daily life of the Salvadorians.
However, be careful with the interpretations of some Western media, the criticism of the offices of the leading democracies of the world and international institutions that have never loved the Baze Bukele and continue to blame his work there. Of course, the situation is far from perfect, but in just four years it is not easy to turn such a social, economic and political slope. As for the President, he heads the ratings of the most popular presidents of the planet, and this cannot be said about his European and American detractors.
Source: Journalducoin.com
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