El Salvador is the first country to introduce Bitcoin as a currency; and the country is being closely monitored by the international community, who are interested to see if Bitcoin can work as a currency.
El Salvador is the first country to make cryptocurrency legal tender, note the following points:
- Helps the country's powerful drug trafficking gangs.
- It could bankrupt the developing nation.
- The government has already spent $200 million on bitcoin.
- ATMs and the national crypto-wallet brought $75 million worth of bitcoin and are borrowing $1 billion to buy more bitcoin and build a tax-free "Bitcoin City".
- Half of El Salvador's people cannot use bitcoin as they have no internet access.
- It could also encourage cybercrime with widespread cryptocurrency and identity theft.
- Bitcoin is subject to wild price fluctuations.
- Many Latin American countries, plus Russia, are also seriously interested in adopting cryptocurrencies.
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