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Home » How I experienced the introduction of the Bitcoin law in El Salvador

How I experienced the introduction of the Bitcoin law in El Salvador

This article was written by Monica Taher, technology entrepreneur and investor in blockchain and cryptocurrency startups. He is currently a shareholder and vice president of marketing at RocketFuel, a global cryptocurrency payments company. Former Director of Technology and Business Innovation at InvestSV in the Government of El Salvador.

Browsing Twitter in 2021, I came across the excitement sparked by President Nayib Bukele’s announcement in El Salvador of his proposed law making Bitcoin legal tender. At the time, I was Director of Technology and Business Innovation at InvestSV, a government agency.

The news surprised us all. As a person with more than 20 years of experience in the technology field and investing in Bitcoin in 2014 when its value was still very low, I was deeply intrigued by this decision. was a bold and innovative stepwhich gave El Salvador a prominent position on the world map.

Thanks to this initiative we could face each other face to face to international organizations such as the International Monetary Fund (IMF), the World Bank and several countries that saw this decision as a challenge to their own economic interests. Honestly, it was satisfying to experience that feeling.

The measure also led to a steady influx of companies coming to our country, setting up offices, hiring employees and contributing to the formation of the thriving Bitcoin ecosystem in El Salvador. There’s no denying it: we’re beginning to witness a migration in the opposite directionwhere foreigners came to our country to study the possibility of acquiring real estate and starting their business.

Investors, Bitcoin (BTC) enthusiasts, digital nomads and the curious joined this trend. During this process I have been privileged to form enriching friendships and professional relationships. It was a wonderful feeling.

Being the first country to recognize BTC as legal tender was a historic milestone involved a trial and error process. These experiences will be valuable lessons for other nations looking to regulate digital assets.

Lessons learned include the introduction of ATMs, the need to provide information to newcomers in English, early and orderly planning, and the elimination of bureaucracy and unnecessary procedures that are already outdated practices in other countries.

The results of the experiment with Bitcoin only in El Salvador can be evaluated within several yearsif we can see the impact on the education needed to empower the unbanked, who make up 70% of the Salvadoran population, and on reducing the pay gap for women, which currently ranges between 68% and 71% compared to men .

It will also be important to see how those who are marginalized by the current monetary system benefit and start using bitcoin in their daily lives. Reaching this turning point will require an enormous educational effort, considering that El Salvador has a population of about 6.2 million on its territory and about 3.2 million abroad.

If an education process is implemented that demonstrates to the populace the speed and security of transactions, as well as reducing the costs associated with international wire transfers and other payments, the economic benefits to Salvadorans will be clearly seen.

In addition to Educate people on how to counteract the inherent volatility The use of stablecoins encourages the mass adoption of bitcoin. At that moment, El Salvador will be able to say that it has achieved its goal.

The concrete advantages of the implementation of the Bitcoin Act can be observed. for the ordinary Salvadoran citizen, who walks every day, not for the foreigner. Ultimately, financial inclusion and the adoption of new technologies should be the main drivers of any legislative initiative focused on digital assets.

I love my country and wish it all the best. For this reason, I am proud to have been part of this transformative experience that we hope will lead us to a brighter future.

Disclaimer: The views and opinions expressed in this article belong to the author and do not necessarily reflect those of CriptoNoticias.

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