Re:World Bank rejects El Salvador request for Bitcoin help
by zakember on Thursday June 17, 2021 @02:37AM
(#27536754)
You are right. It isn't easy. But no one ever said running a country would be easy. If you are choosing to use another country's currency for your economy, you carry all the risks associated to that currency
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Re:World Bank rejects El Salvador request for Bitcoin help
by lowkey on Thursday June 17, 2021 @10:36AM
(#27540025)
In the case of El Salvador, they adopted the US dollar when their native currency collapsed after a bloody 12 year long civil war. Notably the civil war was covertly funded by the United States in order to support regimes aligned with US interests. At the height of the war, the US was funneling $1-2 million USD per day (1980 dollars) to fund an army of child soldiers. [1]
The US is a proximate root cause for the loss of ESβs currency. I could see why they would want an alternative to the USD as legal tender.
Re:World Bank rejects El Salvador request for Bitcoin help
by throwaway4good on Thursday June 17, 2021 @02:44AM
(#27536791)
In general the USD or the euro emerges as defacto form of legal tender on the other side of some sort for societal collapse. It can be a temporary thing, but it is not a healthy thing.