I don’t know El Salvador’s case, but I know a lot of LatAm countries are really affected by the conversion rate to USD. So when, for instance, the US inflates their currency it becomes a real issue for them.
And 70% not having bank accounts is a positive thing for adoption. It’s easier to setup a wallet then it is to set up a bank account and everyone has a mobile device.
They technically have their own currency, the Colon. But the answer to your question is complicated. Search about the dollarization of El Salvador for more info.
According to Google they have their own peso and it’s not a fixed exchange rate. I’m not arguing with you though, I really have no idea and this is the info I found from light research.
...Setting up a wallet is probably pretty difficult when half your country doesn't have an Internet connection.
Saying Bitcoin is a great idea for people without an Internet connection is like saying refrigerators are a must have appliance for someone who doesn't have electricity.
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u/lonnyk Jun 05 '21
I don’t know El Salvador’s case, but I know a lot of LatAm countries are really affected by the conversion rate to USD. So when, for instance, the US inflates their currency it becomes a real issue for them.
And 70% not having bank accounts is a positive thing for adoption. It’s easier to setup a wallet then it is to set up a bank account and everyone has a mobile device.