Your back down to earth reading of the news coming from El Salvador πΈπ»:
1. Bitcoin Law makes it mandatory for merchants to accept BTC, *IF* customers offer it as means of payment.
2. No incentives are created to use Bitcoin as legal tender; most Salvadorans with access
(1/6)
1. Bitcoin Law makes it mandatory for merchants to accept BTC, *IF* customers offer it as means of payment.
2. No incentives are created to use Bitcoin as legal tender; most Salvadorans with access
(1/6)
to bitcoin will most likely be die hard HODLers.
3. The Bitcoin Law doesn't actually address how the country will use Bitcoin to promote financial inclusion. It doesn't even make it clear where the country stands in terms of digital inclusion.
(2/6)
3. The Bitcoin Law doesn't actually address how the country will use Bitcoin to promote financial inclusion. It doesn't even make it clear where the country stands in terms of digital inclusion.
(2/6)
4. There are no rules and/or regulations around Bitcoin infrastructure providers (exchanges, custodians, market participants, btc payment service providers, payment dispute mechanisms, derivatives, etc). The whole landscape looks like the perfect honeypot for cyber gangs.
(3/6)
(3/6)
5. Will anyone cover citizens' losses in case they loose access to their Bitcoins? Will there be any kind of insurance/protection program? β This is in line with the aforementioned lack of incentives to adopt Bitcoin as an instrument for payments and/or savings.
(4/6)
(4/6)
6. Has anyone ever asked what would actually happen if Bitcoin gains ground vs. USD as legal tender and gets adopted by a significant portion of the economy? β High-frequency traders would essentially be ably to manipulate the whole Salvadoran economy in a daily basis.
(5/6)
(5/6)
7. How are merchants supposed to deal with BTC price variations in terms of product pricing, as well as in terms of financial/accounting/tax recordkeeping. βThis'll be a huge pain for merchants.
Promising simple solutions for difficult problems is what populism is about.
(End)
Promising simple solutions for difficult problems is what populism is about.
(End)
β’ β’ β’
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