Why El Salvador, by Bukele, abandoned Bitcoin as a national currency
The executive was twice in the country, where he saw with his own eyes how was the reality of making transactions using cryptocurrency.
El Salvador stepped on the brake after a demand from the IMF (International Monetary Fund) in return during the $ 1.4 billion loan negotiation. The organization pointed out that it was necessary to mitigate the risks associated with digital currency.
For Tota, it was at least curious for a country to adopt a cryptocurrency as a national border. Seeing others following the same path in the future is unlikely, he comments.
However, it is plausible to see national governments creating financial reserves in cryptocurrency, such as Bitcoin, is a strategy for defending the local financial market from currency fluctuations and inflationary risk.
Bitcoin is not only being accepted, but understood by globally talking financial markets, especially the US
Fabrício Tota, director of new business in the Bitcoin market
Donald Trump, the new president of the United States, is one of the powerful international politicians who is excited about the idea of creating a bitcoin reserve for his country. He expressed the plan as a campaign promise and is discussing how to make it viable inside the White House.
