22% of their GDP is remittance based.
The US treats them like shit since they have the USD as currency. God forbid a country wants more independence
70% of the country has no bank, for Bitcoin all you need is the internet and a simple wallet app.
The US treats them like shit since they have the USD as currency. God forbid a country wants more independence
70% of the country has no bank, for Bitcoin all you need is the internet and a simple wallet app.
The delusion regarding crypto has reached parody levels. This reads like something out of an Onion article.
They're basically creating cash accounts? Not quite a bank but... not far off it. I feel like a simpler solution is just mandating that banks are required to offer a basic cash account at a set maximum cost.
It doesn't feel like the bitcoin part of the experiment is really doing anything special. It's all in a single app and all held by a holding org. They just track who has how much of the reserve.
Not really the free and open bitcoin?
Either the rich people are coming to the poor country (export oriented economy) or the poor people are coming to the rich country (remittance oriented economy).
If your economy is suffering from high inflation then remittances are a balancing force that is fighting against high inflation because people abroad are exchanging their USD/EUR for the inflating currency and thereby support attempts to peg the inflating currency to USD/EUR which are currencies with low inflation.
One option is Bitcoin
El Salvador doesn’t have too much inflation since it uses USD. In their case, independence from USD is also a goal
Back when I didn’t have money, opening a bank account was way cheaper than leasing a phone or buying one, so I don’t see how that makes sense other than you can do other things with the phone to amortize the cost.