The President of El Salvador will submit the necessary bills soon.
Contrary to theoretical plans, Bitcoin is still a popular currency alternative tool today, favored by investors and cripples, and its actual use is greatly hindered by the huge instability of its exchange rate.Despite being in poor condition, it has a very progressive vision Coming up The President of the Republic of El Salvador, Nayib Bukele, will submit a bill next week to make Bitcoin the official currency of the country.
According to the 39-year-old president, this move will provide banking services to millions of people in this Central American country of 6.4 million people. Currently, 70% of the population does not have a bank account, and 20% of the country’s GDP is remitted by Salvadorans working abroad, and the annual inflow of funds into the state is US$4 billion (approximately 1,137 billion HUF).
Another important goal of the President is to bring investment to the country through the use of Bitcoin. He claims that the current Bitcoin in circulation is worth about 680 billion U.S. dollars, and if he manages to invest 1% of it in the economy, he can invest 25% of GDP.
Due to Bitcoin’s unpredictability and huge exchange rate fluctuations, experts believe that this idea has major risks.
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