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El Salvador will become the first country to accept Bitcoin cryptocurrency as its official currency. There will be fewer fees for El Salvador’s large number of transactions overseas, but it’s becoming increasingly difficult to imagine illicit activity.
Decentralized, cryptocurrency works independently from the banks around the world. Because of their volatility, cryptocurrency is often rejected by the mainstream economy and viewed as a novelty payment method. You can still pay for Subway using bitcoin, and countries around the globe are beginning to notice that crypto is being used as a payment method.

Recently, El Salvador’s President Nayib Bukele realized that bitcoin could be made an official currency. However, there are potential risks.

According to Sweclockers, SVT reported that Bukele had presented a bill in June to allow bitcoin to be adopted as an official tender. 70% of Salvadorans do not have a bank account and are dependent upon money from their relatives abroad. Approximately 2.5 million Salvadorans working and living abroad accounted for 23% of El Salvador’s Gross Domestic Product (GDP) in 2013. This amounts to approximately $6 billion.

Users can make transactions using cryptocurrency to bypass high fees associated with other transfer methods that involve US dollars (USD).
Bukele stated that the bill would generate jobs in the short-term and help thousands of people who are not part of the formal economy at the Miami bitcoin conference, one week before it was due to be presented to Congress. With the bill now passed, bitcoin will be officially recognized as currency tomorrow.

It will also include 200 digital ATMs, which will enable Salvadorans to exchange their USD for bitcoin whenever they like.

Anonymity will be an issue as bitcoin is not dependent on banks. Criminals will be able send and receive money anonymously, which means that they won’t have to be traced. Illicit activity remains a concern until El Salvador implements regulations similar to those proposed by the EU to regulate cryptocurrency. It is possible that regulations will soon be in place, as the World Bank and International Monetary Fund have already warned.

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Jennifer Silvey

About the Author: Jennifer Silvey

I am the Founder and the Owner of The Daily News Global. I always wanted to share the latest Gaming News with everyone that's why I founded The Daily News Global.

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