According to Diario La Huella, the Vice President of the Republic El Salvador, Dr. Félix Ulloa, assured that Bitcoin is an instrument for development, and this country will be a model to be followed by other countries in a meeting with the director and founder of the Latin French Association, LatFran, Pascal Drouhaud.
Vice President, Félix Ulloa
El Salvador vice president expects other countries to adopt Bitcoin
The vice president said that the idea was for El Salvador to be a bargaining chip for activities carried out in the national and international economy. Several countries have been playing this role in the financial sector around the world.
“We still need to adjust some regulatory situations and see the behavior of our economy, but the trend is positive, our country will be a model to follow and, as President Bukele says, become an economic and financial hub that can serve others countries,” he declared.
Ulloa expects impoverished El Salvador to become an economic and financial center for its bold bets on Bitcoin. Additionally, he stated that the leading cryptocurrency would benefit an estimated 1.17 million Salvadoran immigrants residing in the U.S.
According to Ulloa, the number of people with Bitcoin wallets is now twice as large as the number of bank account holders in El Salvador. This, as the politician believes, highlights the level of trust Salvadorans have in BTC. The adoption of Bitcoin in El Salvador prompted protests, but the opposition stopped short of stopping the law from officially going into effect in early September.
Ulloa assured that the population supports this government measure, “In our country, there are 3 million Salvadorans who have a Bitcoin account, more than twice the number of traditional banking accounts, that shows the confidence of our people in the use of of this currency,” he exemplifies.
El Salvador’s bonds tumbled last month over concerns that Bitcoin adoption could jeopardize interstate negotiations with the International Monetary Fund (IMF). The IMF was highly skeptical of its decision to adopt a decentralized and volatile cryptocurrency as its official currency.
BTC/USD 4-hour chart | Source: TradingView
At the time of writing, BTC is changing hands at $60,812.
Read more:
- Despite Bitcoin Price Heading Towards ATH, El Salvador Is Exchanging Their U.S. Dollar Savings For BTC
- The Adoption Of Bitcoin Has Been Very Difficult For El Salvador Economy