El Salvador’s bitcoin currency experiment

Move by first nation to approve bitcoin as legal tender raises important issues, writes former Fed advisor

El Salvador flag and bitcoin

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

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