El Salvador’s bitcoin currency experiment
Move by first nation to approve bitcoin as legal tender raises important issues, writes former Fed advisor
Perhaps it was inevitable that one or more countries would declare a cryptocurrency to be legal tender within its monetary jurisdiction. Now, that ‘coin has dropped’, so to speak, with El Salvador passing legislation on June 9 naming bitcoin – the largest of the cryptocurrencies in terms of open interest – as legal tender (along with the US dollar) in El Salvador. This was, of course, big news, and hailed by cryptocurrency proponents as a legitimising event. Nayib Bukele, the president of El
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe
You are currently unable to print this content. Please contact customer services - www.fx-markets.com/static/contact-us to find out more.
You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@fx-markets.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@fx-markets.com
More on Infrastructure
Central banks step up dollar liquidity support
But initial auction results show little evidence of pressure on dollar funding
Tales from the crypto prompt calls for FX-style market structures
Demands for interdealers and prime brokers to be brought into crypto market in wake of FTX debacle
High-frequency flap over CME’s Aurora data centre
Exchange group’s migration to Google’s cloud could render HFT networks redundant
Refinitiv’s FXall launches automated forward fixing tool
New service offers asset managers automatic competitive pricing for a benchmark trade’s forward points
Crypto gets to grips with interest rate swaps
New derivatives provide synthetic access to staking yields and are being used in structured products
EBS ventures into crypto market with upcoming NDF
The move could be a big step forward for mainstream adoption of crypto NDF trading
Argentina and Brazil’s currency proposal met with scepticism
Experts say it is unclear whether governments want currency union or trade settlement mechanism
Stick to the fax? Isda seeks to revamp close-out notice methods
Plans to update termination notice provisions still won’t quite pull the plug on use of fax machines