Cash or Bitcoin? El Salvador’s small business owners speak · Global Voices

Business owner Ernesto Vásquez will take Bitcoin if his clients request it. Photo taken by the author.

On Tuesday, June 8, Salvadoran Congress passed a new law making El Salvador the first country in the world to classify bitcoin as a legal currency. The lawmakers, with 62 out of 84 votes, approved President Nayib Bukele’s proposal to embrace cryptocurrency.

The Salvadoran government believes Bitcoin will mean fewer fees for family remittances, more foreign investment, and a path to becoming an innovative, technology hub. Cryptocurrency fans and business media around the world applauded the historic decision.

In El Salvador, however, many people are against it; this includes Leonor Selva, the executive director of El Salvador’s largest organization representing the private sector, who has criticized the currency’s volatility. She writes that the vendor may never be sure how much they earn from a transaction.

Salvadoran Legislative Assembly….

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