Bitcoin and El Savador: more BTC deposits than withdraws. Can a nation become cryptocurrency?

There are a couple of news items coming from El Salvador, the first nation in the world that introduced Bitcoin as a real going currency alongside the dollar.

The first is communicated directly by President Bukele from his twitter account:

Chivo is the national Bitcoin wallet made available by the government for transactions in the virtual currency. The result it is achieving in the country is interesting.

1. Citizens and users insert much more dollars (to buy #BTC) than they withdraw from Chivo ATMs, all confirmed by the data of withdrawals at ATMs in the Central American nation.

2. The payments in the wallet of the currency were more than 3 million dollars, which, for a small and very poor nation, one of the poorest in Latin America, is a good result.

This means that the dollars are accumulating on the wallets in the form of BTC and that afterwards they remain as BTC used in daily exchanges. A poor and certainly not advanced country is adapting to the use of virtual currencies, if only to reduce the costs of international remittances in developing countries. The introduction, however, was not smooth, amid international criticism, internal and even internal revolts in the first half of September. Yet the process is continuing

This is not the only news: on October 1, El Salvador officially announced that it had managed to mine a fraction of its first bitcoin using Tecapa's geothermal energy. According to a Twitter statement by President Nayib Bukele, the mining operation managed to generate 0.00599179 Bitcoin, or about $ 269. In a world that requires more and more green energy, El Salvador can offer green geothermal and hydroelectric power. Just believe…. and invest in it….

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The Bitcoin and El Savador article: more BTC deposits than withdraws. Can a nation become cryptocurrency? comes from .

This is a machine translation of a post published on Scenari Economici at the URL on Sun, 17 Oct 2021 16:35:02 +0000.