Amazingly shortsighted. The primary beneficiaries of this will be organised crime, who will now be able to wash the Bitcoin via El Salvador to convert it to dollars, which they can use to buy trade items and export the profits.
The number one export of El Salvador is actually people. If they were concerned about remittance fees they could just set up a bank in the US with low fees, instead of getting kickbacks from OCGs and Western Union / Money Gram etc.
El Salvador is set to be a big climate change loser, and every joule spent on bitcoin is bringing them closer to disaster.
"El Salvador has seen a steady increase in extreme events (storms, floods and droughts) during the last 30 years. The Pacific coastline is already experiencing rising sea levels and it is expected that 10–28 percent of the country’s coastal zone territory will be lost by the end of the century. Coastal areas, home to over 30 percent of the population, are highly vulnerable to the combination of sea level rise and El Niño events."
https://www.climatelinks.org/resources/climate-risk-profile-...
Coastal flooding risk is significant due to loss of mangroves.
https://thinkhazard.org/en/report/75-el-salvador/CF
The number one export of El Salvador is actually people. If they were concerned about remittance fees they could just set up a bank in the US with low fees, instead of getting kickbacks from OCGs and Western Union / Money Gram etc.
El Salvador is set to be a big climate change loser, and every joule spent on bitcoin is bringing them closer to disaster.
"El Salvador has seen a steady increase in extreme events (storms, floods and droughts) during the last 30 years. The Pacific coastline is already experiencing rising sea levels and it is expected that 10–28 percent of the country’s coastal zone territory will be lost by the end of the century. Coastal areas, home to over 30 percent of the population, are highly vulnerable to the combination of sea level rise and El Niño events."
https://www.climatelinks.org/resources/climate-risk-profile-...
Coastal flooding risk is significant due to loss of mangroves.
https://thinkhazard.org/en/report/75-el-salvador/CF