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They're not building a new economy really. It's a country with incompetent leadership and failed local currency, they don't seem to be able to pull it off. And
by josefrichter 5y ago
They're not building a new economy really. It's a country with incompetent leadership and failed local currency, they don't seem to be able to pull it off.
And regular folks are just trying to survive - they heavily depend on USD from relatives, but they pay massive fees to corrupt institutions. They are trying to work around that using BTC, but it also has high fees, and brutal volatility on top of that. If your monthly income is $500 and you risk losing 20-30% of that to fees & volatility, you're screwed. No wonder people protest in the streets.
What they really need right now it a stablecoin on cheap network. It's not gonna change the world, but it's gonna solve their biggest problems right now.
- el-salvador 5y ago> What they really need right now it a stablecoin on cheap network. It's not gonna change the world, but it's gonna solve their biggest problems right now. That, and we could link the El Salvador and U.S. bank transfer ACH networks to make sending and receiving money cheaper. Considering 2.5 million Salvadorans live in the U.S. Mexico and Panama have already done that.