Post
Topic
Board Bitcoin Discussion
Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻
by
Hispo
on 13/01/2023, 00:52:46 UTC

Good summary of information.
So the Bitcoin project in El Salvador for now does not have to worry about political obstacles, in the short-mid term. I have got this impression that, for example, a country adopting a foreign currency (as Ecuador, Panama and El Salvador did with the USD) is a very different process than adopting Bitcoin.

When some process of Dollarization comes, usually it is because an apparent necessity for it. If a government tried to outlaw the use of USD in a country (like the Venezuelan case) people would not take it positively and it would be difficult to enforce or devolve. I am afraid that, since the adoption of Bitcoin is pretty much state-sponsored, it could be eliminated by law easily.

It is the opposite of the adoption in Venezuela. People adopted Bitcoin first, against the vision of the government and then the government realized it was no use to fight against it.