El Salvador’s president defends bitcoin as it’s legal tender

Here are his 9 best quotes from the interview, lightly edited and condensed for clarity:

1. “I think bitcoin as legal tender, even though nobody has done it before, it was a no-brainer.” – on being the first country to make the move.

2. “Bitcoin is an open and free system. So, they don’t have to trust us. They have to trust the system, and we trust the system.” – on anyone skeptical about the use of cryptocurrency as legal tender.

3. “My dream would be that El Salvador will transit its way from the Third World to the First World. It’s probably not going to be done in a couple of years but, you know, probably at least we can set up the path.” – on the potential impact of introducing bitcoin to El Salvador’s economy.

4. “I don’t think they want to understand. Because all of their preconceptions, their theses, their work, their books, their prices will be meaningless, because they were wrong. I don’t think they’re against bitcoin. I think they’re more trying to defend their personal stories.” – on classical economists rejecting bitcoin and its prospects.

5. “Having the World Bank advisors or technical support would have been nice, but we really don’t need it. The talent that is here, working, is way more than enough.” – on the World Bank rejecting El Salvador’s request for support in making bitcoin a legal tender.

6. “This is just exercising our sovereign right to adopt legal tenders. Like we adopted the US dollar in the year 2001. What’s the difference? The only difference probably is the reason why we’re doing this. In 2001, it was probably done for the benefit of the banks. And this decision is done for the benefit of the people.” – on why the country isn’t going to get into a fight with the World Bank.

7. “We’re going to prove ourselves that we can work fast. We have a lot of support and a lot of talent from people that just love this project, and they’re working their asses off, just because they love it.” – on whether El Salvador will be ready when its bitcoin law comes into effect in September.

8. “It’s not going to be only good for the monetary system, or for the currency, or for remittances and for economic inclusion, and for banking services like lending. It’s not only going to be good for the bitcoiners in tourism and investing in jobs, but also for energy and income to do social projects like schools or roads and bridges that without this law, they wouldn’t have that.” – on the expected benefits of incorporating bitcoin and its technology into the economy.

9. “The bitcoin system is so perfect that I think it’s gonna be the future. It is the present already in a lot of things, but it’s gonna be way bigger in the future.” – on the potential for a wave of government adoption of bitcoin.

Read the original article on Business Insider

News in the Region

Paraguay could very likely be the next in line to adopt Bitcoin as an official currency. Congressman Carlos Rejala is currently leading a legislative bid to make Paraguay only the second country in the world to adopt Bitcoin as an official currency.

The draft bill being proposed will seek to make Bitcoin legal tender in the country as well as introduce measures to establish Paraguay as an international hub for crypto investment. Rejala also wrote on his Twitter:

“As I was saying a long time ago, our country needs to advance hand in hand with the new generation… The real one to the moon #btc & #paypal”

Panama is also proposing to go down this road, and congressman Gabriel Silva has said that he wants to follow a similar course of action as his counterpart in Paraguay, saying:

“Panama cannot be left behind if we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies.”

At the same time moves are afoot in other countries in the American continent. Two deputies in Brazil have tweeted pro Bitcoin sentiment, giving themselves laser eyes in their profile pictures into the bargain.

Indira Kempis Martinez, a Senator in Mexico did the same thing on her profile picture, whilst also sharing pro-Bitcoin posts. Francisco Sanchez, a Deputy from Argentina also followed suit.