El Salvador Views Bitcoin as a Tool to Liberate the Nation From Fiat Currencies
Felix Ulloa, Vice-President of El Salvador, stated that the government has considered de-dollarizing the country and returning to its national currency, the colon. However, he said that it would be too costly. For Ulloa, bitcoin presents an opportunity to liberate the country from central banks and fiat currency.
El Salvador’s Vice-President Felix Ulloa: Bitcoin Offers an Option to Liberate the Country From Fiat Currencies
El Salvador’s bitcoin roadmap might include a deeper integration of the crypto asset as part of its economic future. Felix Ulloa, Vice-President of El Salvador, recently stated that bitcoin might become a tool to liberate El Salvador from using fiat currencies, including the U.S. dollar.
In an interview with Russia Today (RT) at the sidelines of the San Petersburg International Economic Forum (SPIEF), Ulloa highlighted the opportunities that bitcoin adoption has brought to the country regarding economic freedom. When asked about the possible de-dollarization of El Salvador and its relation to bitcoin, Ulloa stressed that they had studied that case before and that returning to the Salvadoran colon would burden the state heavily.
El Salvador adopted the U.S. dollar in 2020, allowing its use for all commercial and financial transactions while seeking to improve its economic numbers. Ulloa stated that El Salvador wants to liberate its economy from central banks and also from the implied dependence on fiat currencies, such as the U.S. dollar, the euro, the sterling pound, and others.
“For this, bitcoin has become an option; and not only bitcoin but also other cryptocurrencies that circulate in international markets,” Ulloa specified. Last year, El Salvador passed a digital assets law, that encompasses cryptocurrency, tokens, and other digital assets to further this economic liberalization, Ulloa explained.
Previously, Ulloa highlighted the role of bitcoin in the rebirth of the Salvadoran economy, reinforcing the link between crypto and the tourism industry. In October, he assessed that “tourism and the use of digital currencies go hand in hand and are a sign of that future and the rebirth of our country.”
What do you think about bitcoin’s future in El Salvador? Tell us in the comments section below. #Write2Earn