• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Innovative Cryptocurrency Initiatives in El Salvador

user avatar

by Giorgi Kostiuk

2 years ago


Nayib Bukele inaugurated his second term as El Salvador's President, sustaining the trailblazing measures in cryptocurrency incorporation. Since September 2021, Bitcoin has been recognized as the official legal tender in the South American nation.

During his initial mandate, Bukele restated his assurance to procure one BTC daily into a cold wallet until obtaining the cryptocurrency becomes unfeasible.

Max Keiser, a staunch Bitcoin proponent and advisor to the President, has proposed an ambitious blueprint for El Salvador during Bukele's subsequent term. Keiser foresees a scenario where the populace will progressively oversee the nation's riches through decentralized Bitcoin nodes.

In this context, the President will introduce ventures that the public can support through crowdfunding, essentially reforming the social contract and steering the nation towards a circular economy focused on BTC.

Furthermore, Keiser envisions El Salvador achieving freedom from debt and harnessing its geothermal and volcanic energies to fuel Bitcoin mining activities, with the aim of controlling 10% of the global hash rate.

The country has already made significant strides in this area, utilizing geothermal power from the Tecapa volcano to mine 473.5 BTC, equivalent to approximately $29 million. Out of the country's power plants' total output of 102 MW, 1.5 MW is designated for Bitcoin mining.

El Salvador presently holds 5,718 BTC, valued at about $400.26 million, as per Arkham's data. Keiser believes this innovative strategy will diminish the sway of central banks and marginalize international financial bodies like the IMF in the country's economic strategies.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Ten Cows Become First Livestock Collateral on Brazil's Stock Exchange

chest

Ten cows from Fazenda Engenho Velho in Brazil have become the first livestock collateral formally registered on the country's stock exchange, utilizing blockchain technology and AI-powered sensors.

user avatarLeo van der Veen

SP Dow Jones Indices and Pantera Capital Launch New Digital Asset Benchmark

chest

SP Dow Jones Indices and Pantera Capital have launched the SP Pantera Digital Asset Index (SPPDA), a new benchmark that tracks crypto networks through a fundamentals-focused lens.

user avatarLi Weicheng

T Rowe Price Introduces Active Crypto ETF for Diverse Digital Asset Exposure

chest

T Rowe Price has filed for an Active Crypto ETF, TKNZ, to hold 5-15 digital assets, marking a shift in the crypto ETF market.

user avatarAisha Farooq

French Gambling Authority Blocks Access to Polymarket

chest

The French National Gambling Authority (ANJ) has ordered internet service providers to block access to Polymarket due to concerns over illegal gambling practices.

user avatarTenzin Dorje

Smarter Web Company Sells Bitcoin to Repay Debt

chest

The Smarter Web Company sold part of its Bitcoin treasury to repay an $11.7 million convertible debt facility, prioritizing balance sheet flexibility over equity dilution.

user avatarBayarjavkhlan Ganbaatar

BancaStato Brings Crypto Trading to Traditional Banking

chest

BancaStato partners with Sygnum and Avaloq to integrate cryptocurrency trading into its banking services, allowing clients to buy, hold, and sell digital assets directly through the bank's platforms.

user avatarMohamed Farouk

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.