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0 sats \ 5 replies \ @Undisciplined 21 Aug 2023 \ parent \ on: Brazil's Proposal for BRICS Currency and Geopolitical Reforms bitcoin
There are other countries in the region that also don't really have their own currencies. If El Salvador is clearly successful with Bitcoin, I could see it catching on throughout the smaller Central American and Caribbean nations.
True, that's because, as beforementioned said, they don't have their own currency, the whole system is already adapted to work with a foreign currency, in those situations the transition to Bitcoin will be faster and softer...
El Salvador is the best case study for economies like theirs.
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I specifically brought it up because you led with
Do not expect any country to take favorable actions towards bitcoin
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Well, that doesn't mean local governments will be favorable. El Salvador seems to be an exception so far... It means it would be easier for these countries.
Actually I would like to know how much the population of El Salvador is using bitcoin.
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I've been curious about the extent of Bitcoin use in El Salvador, too. It's hard to imagine people aren't still using lots of specie for their regular transactions.
The big hurdle for small Caribbean countries will be that tourists bring in tons of dollars, so there's strong organic pressure keeping that the locally preferred currency.
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I've just opened a new thread asking...
here: #230693
About the tourists, that's also true... And might be a negative point towards adoption of BTC since there would be no apparent incentive to use bitcoin.
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