El Salvador has three months to use bitcoin as its legal tender since September. As the crypto space is now expanding, the country’s pro-crypto president, Naib Bukele, predicts that the days of the fiat currency are well over. Group “fiat” refers to current physical currencies such as the rupee or the dollar. Bougainville tweeted that his country was the “spark” that sparked the “real revolution” by legalizing bitcoin.
The 40-year-old President of Salvador frequently tweets about the new bitcoin purchases made by his government. He is also known for providing updates on how Bitcoin benefits the Salvador economy through his official Twitter handle.
In his latest tweet, Buckell seems to have targeted those who questioned El Salvador’s decision to legalize bitcoin.
By international organizations “TheExperiment ”, the world is watching to see how mass adoption changes the economy of a country.
If it’s for good, it’s over for FIAT.
El Salvador is the spark that ignited the real revolution.
– நயீப் புகேலே: கொடி- sv: (@nayibbukele)
However, Buhel’s pro-crypto approach has dragged El Salvador into criticism and warnings in recent days.
Recently, the International Monetary Fund (IMF) warned El Salvador to stop using it as a legal tender, considering its high price volatility and risks associated with factors such as consumer protection, financial integrity and financial stability.
Earlier this month, Andrew Bailey, Governor of the Bank of England (BoE), expressed concern to El Salvador’s citizens, questioning whether the people of El Salvador were even aware of the risks involved in exposing their funds.
These concerns of leaders and global financial institutions for El Salvador come at a time when many countries, including India, are contemplating the legitimacy and regulation of cryptocurrencies.
Recently, Russian President Vladimir Putin criticized the crypto space market as too risky and unstable.
Regardless, Buhl continues to thrive by bringing more crypto-friendly products and functions to his country.
From setting up Bitcoin ATMs to creating a bitcoin wallet with government support called Civo for Salvadorans, Buckell has been positive in expanding crypto adoptions and utility cases.
In November, Buhl unveiled plans to build a bitcoin city at the foot of the Konsagua volcano to refuel the Bitcoin mine with renewable energy and tackle the carbon footprint problem associated with the process.
The country now has 1,500 Bitcoins in reserve, adding up to $ 76,417,935 (approximately Rs. 574 crore). Currently, Bitcoin trades about $ 50,973 (approximately Rs. 38 lakhs) on international exchanges such as CoinMarketCap.