Re:Most Salvadorans have already ditched their national Bitc...
by jollybean on Wednesday May 04, 2022 @11:59AM
(#31262270)
This is a national currency, the foundation of the economy.
The project a giant expression of corruption, and also a complete disaster.
The impetus for this was about as legit as the WeWork leadership wanting to 'end world hunger' etc. - and doing so at a very high cost and risk to the wellbeing of the nation.
And of course, there's no upside.
Digital banking would have been a great idea, Estonia is leading the way with some really cool government digitization etc..
But even then, it would not have changed material fundamentals.
This is just economic chaos, it's sad, it's why they will remain poor.
Edit:
Burkele [1]
It's odd how people do not recognize how institutional and foundational a sound financial system is, and how there are a lot of moving parts to it.
The project a giant expression of corruption, and also a complete disaster.
The impetus for this was about as legit as the WeWork leadership wanting to 'end world hunger' etc. - and doing so at a very high cost and risk to the wellbeing of the nation.
And of course, there's no upside.
Digital banking would have been a great idea, Estonia is leading the way with some really cool government digitization etc..
But even then, it would not have changed material fundamentals.
This is just economic chaos, it's sad, it's why they will remain poor.
Edit:
Burkele [1]
It's odd how people do not recognize how institutional and foundational a sound financial system is, and how there are a lot of moving parts to it.
[1] https://en.wikipedia.org/wiki/Nayib_Bukele