El Salvador: Gangs and Corruption

Failure of El Salvador’s Bitcoin Revolution

Failure of El Salvador’s Bitcoin Revolution

El Salvador made news in the cryptocurrency world in 2019 when it passed a Bitcoin Law making Bitcoin legal tender and exempting money exchanges with Bitcoin from capital gains taxes. Three years later only 1.6% of money sent home by expats working offshore comes as Bitcoin and 86% of businesses have never made a sale in Bitcoin. What accounts for the failure of El Salvador’s Bitcoin revolution?

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