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These policies go far beyond remittances. My understanding is that any business is required to accept bitcoin (through the government wallet system) for payment
by tdeck 5y ago
These policies go far beyond remittances. My understanding is that any business is required to accept bitcoin (through the government wallet system) for payment. In a mainly cash-based society this obviously gives the government more visibility and control.
- fleddr 5y agoBeing forced to accept Bitcoin is no different from being forced to accept any other legal tender, but you're right that the specific way in which it is implemented, is far from ideal. Most of the BTC community (if there is such a thing) also isn't happy with it. Then again, depending on the country, the traditional system also has deep insight into capital flow.
- tdeck 5y agoI think it's different from cash in the sense that Bitcoin requires you to have an working phone with an internet connection. That might not seem like much, but if you're some guy selling bananas by the side of the road mobile data may be a tough tradeoff with other expenses. More than 20% of El Salvador's population lives on less than $5.50 a day.