El Salvador’s historic decision to make Bitcoin legal tender is an “interesting experiment,” according to Benoît Cœuré, a French economist and Head of the Innovation Hub at BIS.
On Wednesday, the Central American country became the first country to adopt bitcoin as its national currency, claiming that it will make it easier for Salvadorans living abroad to transfer money home.
El Salvador is principally a cash economy, with around 70% of the population lacking bank accounts or credit cards. Bitcoin has a market cap of $680 billion. If 1% of it is invested in El Salvador, it will improve its GDP by 25%
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