Small nations are the right size to handle something like legal tender cryptocurrency or a tokenized system of governing. If mistakes are made, the damage isn't too great. If there's an adjustment to make, they can turn on a dime to make it. This is whydecentralization is important across the board.
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Yea the current system they made is both USD and BTC. So in a way, they can always fall back on the USD if needed.
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El Salvador has 2 legal tender forms of money:
Both are used in parallel. People don't need to use cryptocurrency, but if they do it must be BTC.
No one is giving up anything, they're just gaining a 2nd form of money.
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I saw rumors that Cuba is also considering making a move
Not sure if the information is legit but I guess it would make sense for them as well.
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Any nation that has trouble with the major world powers (not just the United States) will consider cryptocurrency on some form. Any nation which has problems with the IMF and World Bank will also consider cryptocurrency.
If we haven't seen it already, we will see how powerful the IMF and World Bank really are.
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Cub, Paraguay, and several other Latin American countries are expected to take inspiration from El Salvador.
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Yes, they have the room to make mistakes for sure. It's worth the risk because stakes are high!
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