Post
Topic
Board Bitcoin Discussion
Merits 3 from 1 user
Re: How does El Salvador benefit from making Bitcoin Legal Tender and 0% Tax?
by
Z-tight
on 14/03/2024, 10:28:03 UTC
⭐ Merited by The Sceptical Chymist (3)
Everyone now living there is going to choose crypto over their local currency which is gonna make the whole country decentralised.
That is not what has happened over there, people in El Salvador are not using BTC as much as you think, and so many of them who downloaded the Chivo Wallet probably did so because of the $30 bonus they were to earn. Take note that no country can be 'decentralized', i don't know how you think that can happen, there has to be a government that is the central authority in charge.
How are they going to develop infrastructure and invest lots of money into education and health sectors?
El Salvador is a small, poor and insecure country, and they are struggling economically and are in serious debt, i don't know how they are going to come out of all this, but it is surely not through BTC as some people think.