A few weeks ago, a Central American country decided to take one of the bravest steps in the history of the crypto world. Thus, the government of El Salvador publicly announced the birth of the Bitcoin Law, through which the world’s first cryptocurrency would become legal tender in Salvadoran territory. And now, the first effects of this decision are arriving, as cryptocurrency exchanges begin to flock to El Salvador as Bitso comments in the Tweet of the day:
Extremely energized after our visit and work sessions with @ nayibbukele’s team. The people of El Salvador are about to change the course of history. We’ve been preparing for this moment since we started Bitso. Now, it’s time to BUIDL.
Change money, change the world.
– Bitso (@Bitso) June 23, 2021
El Salvador attracts cryptocurrency exchanges
Since the birth of cryptocurrencies more than a decade ago, many crypto analysts have realized that the greatest potential for them is not found in the developed world. But, on the contrary, in developing world countries located in Asia, Africa and Latin America. Which, by not having solid financial systems, can benefit from the use of crypto assets.
For this reason, citizens in countries that face high volatility in the value of their local currencies, such as Venezuela, Argentina and Turkey, have embraced the use of virtual currencies such as Bitcoin. Achieving with this a way to integrate into the world economy, without suffering the depreciation of its fiat currencies.
However, it was not until a few weeks ago that a government decided to support the development of cryptocurrencies without restrictions. When the President of El Salvador, Nayib Bukele, announced that Bitcoin would be established as legal tender in his country. A move that was made with the hope of attracting foreign investment and boosting the domestic economy. Goals that seem to be being achieved.
«Extremely energized after our visit and work sessions with the @nayibbukele team. The people of El Salvador are about to change the course of history. We have been preparing for this moment since we started Bitso. Now, it’s BUIDL time. Change the money, change the world.
In this way, cryptocurrency exchanges begin to flock to El Salvador, starting with Bitso. A flow of foreign investment that is unlikely to stop in the coming years. As long as the Salvadoran government maintains its support for crypto assets.
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