Sunday, January 23, 2022

Bitcoin Supporter El Salvador’s President Says ‘Fiat Currency Game Over’

It’s been three months for El Salvador using bitcoin as a legal currency. In September, this country recognized bitcoin as a lilag currency. The world of crypto is now expanding and El Salvador’s pro-crypto President Nayib Bukele has made a prediction. He has said that the days of fiat currency are gone for good. ‘Fiat’ is used to refer to a physical currency such as the rupee or dollar. Bukele tweeted that his country has ignited a ‘real revolution’ by legalizing bitcoin.

The 40-year-old president of El Salvador frequently tweets about bitcoins bought by his government. From his official Twitter handle, he keeps telling how bitcoin Supporting the economy of El Salvador.

In his recent tweet, Bukele targeted people who questioned El Salvador’s decision to legalize bitcoin.

However, El Salvador has faced criticism and warnings in recent days because of their crypto-backed stance.

The International Monetary Fund (IMF) has issued a warning to El Salvador on bitcoin, given the risk of bitcoin price volatility, consumer protection and financial stability. The IMF does not want El Salvador to use bitcoin as a currency.

Bank of England (BoE) Governor Andrew Bailey has also expressed his concern for the people of El Salvador. In the past, he questioned whether the people of El Salvador were aware of the risks associated with bitcoin.

The concern of world leaders and financial institutions for El Salvador comes at a time when many countries, including India, are considering the legality and regulation of cryptocurrency. Russian President Vladimir Putin has also criticized the crypto sector. He called it risky and unstable.

Despite all this, President Bukele of El Salvador is taking it forward by adopting crypto-friendly things and activities in his country. Bitcoin ATMs are being set up everywhere in the country. A bitcoin wallet called Chivo Chivo is in the works, which is also backed by the government.

President Bukele revealed last month that his country is building a bitcoin city at the base of the Conchagua volcano to power bitcoin mining.

El Salvador now has about 1,500 bitcoins, worth $76,417,935 (about Rs 574 crore). CoinMarketCap For example, bitcoin is currently trading at around $50,973 (about Rs 38 lakh) on global exchanges.


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