El Salvador recently recognized Bitcoin as legal tender. However, the country’s President Nayib Bukele has become a bitcoin-maximalist: no other cryptocurrency will receive such an honor.
During an interview with What Bitcoin Did podcast author Peter McCormack, Bukele said that supporting even two legal means of payment is already difficult enough:
“It will be impossible to give such a status to ten assets … Even two legal tender is very difficult. Therefore, there will be only bitcoin and the US dollar. ”
At the same time, the President of El Salvador stressed that the country does not prohibit the use of alternative cryptocurrencies. On the contrary, Bukele invited any cryptocurrency startups to open branches in El Salvador or start a business from scratch.
When asked why the El Salvadorian authorities decided to use bitcoin, and not create their own currency (in the country the official currency is the US dollar), Bukele noted that now 70% of the country’s population does not have a bank account.
“Banks have not been able to reach most of the population even now, so instead of lingering in the past, we decided to introduce innovations. The use of bitcoin is good not only for us, but also for humanity. This is a leap forward for all of humanity. If we, the smallest country on the continent, can be at the forefront of the economic revolution, then why not try? ”- said the President of El Salvador.
Recall that bitcoin was recognized as legal tender in El Salvador in early June. However, not everyone liked it. For example, the World Bank refused to help the country integrate cryptocurrency into the financial system.
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