Post
Topic
Board Bitcoin Discussion
Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻
by
Luzin
on 06/11/2024, 01:39:20 UTC
I am not going to claim to know all the things that Bukele should do because I think that there is already a lot of progress in terms of creating an environment in which no one is going to get punished for using bitcoin, allowing for tax friendly treatment in regards to not placing any extra accounting burdens on bitcoin transactions (regarding capital gains, etc), facilitating various kinds of bitcoin-related teaching programs around the country.

It's hard to know why they don't even implement the programs that have been stipulated in the country's laws. There is no detailed explanation. But I think the initial problem is not understanding how it works. Other predictions are scalability and volatility issues that make the cost expensive and the value unstable that they think it could be detrimental. So they prefer to use official money that is recognized by other countries and has a fixed value. It's a classic problem that is hard to overcome, but I take it as a given. I think if this program continues then slowly it will work better.