El Salvador: Gangs and Corruption
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?