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El Salvador's Vice President Expects Other Countries to Adopt Bitcoin

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Sun, 10/17/2021 - 11:07
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Alex Dovbnya
El Salvador hopes that its Bitcoin law will become a blueprint for other nations
El Salvador's Vice President Expects Other Countries to Adopt Bitcoin
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El Salvador’s Vice President Félix Ulloa recently predicted that other countries are going to follow the tropical nation’s Bitcoin adoption model during a meeting with Pascal Drouhaud, vice president of the LATFRAN association, according to a report by local media outlet Diario La Huella.

Ulloa expects poverty-stricken El Salvador to become an economic and financial hub because of its audacious bet on Bitcoin.

In addition, he claims that Bitcoin will benefit an estimated 1.17 million Salvadoran immigrants who reside in the U.S.

Related
Salvador President Mocks Economist Steve Hanke, Here's Why

Rapid adoption

According to Ulloa, the number of people who have a Bitcoin wallet is now twice as big as the number of bank account owners in El Salvador.

This, as the politician believes, highlights the level of confidence that Salvadorans have in Bitcoin.

The adoption of Bitcoin in El Salvador was accompanied by a slew of protests, but the opposition stopped short of stopping the law from officially coming into effect in early September.

Much of the criticism that the Bitcoin bill has received was directed at Article 7, which forces businesses to accept the largest cryptocurrency.

As reported by U.Today, Ethereum co-founder Vitalik Buterin described El Salvador’s Bitcoin experiment as “reckless.”  

Bukele vs. Hanke

Following Bitcoin’s rally to $60,000, El Salvador President Nayib Bukele took a jab at anti-Bitcoin economist Steve Hanke.

Hanke refused to back down from its earlier comments, insisting that the tropical nation will face “financial ruin.”

El Salvador’s bonds tumbled last month out of fear that Bitcoin adoption could jeopardize the countries talks with the International Monetary Fund.

The IMF has been highly skeptical of the country’s decision to adopt the decentralized and volatile cryptocurrency as its official currency

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.