El Salvador’s bitcoin currency experiment

El Salvador flag and bitcoin

Perhaps it was inevitable that one or more countries would declare a cryptocurrency to be legal tender within its monetary jurisdiction. Now, that ‘coin has dropped’, so to speak, with El Salvador passing legislation on June 9 naming bitcoin – the largest of the cryptocurrencies in terms of open interest – as legal tender (along with the US dollar) in El Salvador. This was, of course, big news, and hailed by cryptocurrency proponents as a legitimising event. Nayib Bukele, the president of El

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