Sirwin
Sirwin
Flag of El Salvador

El Salvador As The Cryptocurrency Hong Kong?

By XTRM™ | Cryptopia | 13 Apr 2023


Imagine if you would... El Salvador as the Cryptocurrency Hong Kong? 

I have heard these mutterings in conversation about a place seemingly not spoken about too much, and it begs a question or two something relating to this... Eh? Also... Why?

Now let's cut the mainstream media a break here for a moment - as one cannot blame the legacy news stations not hyping up Cryptocurrency too much, or the countries heavily investing into a financial infrastructure around said Cryptocurrency. Why? 

The majority of what you see on TV, be it news or entertainment, are lobbied, structured and funded by a the Fiat cash system... and that includes any state funded programming. Not only this, but the majority of retail, be it offline or online is also structured around the Fiat cash banking systems... there is a lot to blame here other than media, or governments not embracing Cryptocurrency - or flat out treating tokens like Bitcoin with utter contempt in the 'regulatory sense.

So... that place, as eluded to in the headline title of this gig... El Salvador... what about El Salvador?

San Salvador, Capital City of El Salvador.

Image: San Salvador, Capital City of El Salvador.

El Salvador is the first country to establish Bitcoin as it's preferred national currency. The country has been embracing the Cryptocurrency concept for around two years now, and so far it seems to be working for the El Salvadoran people, businesses and government... and yes there are a lot of messes in this transition. Many mistakes are usually quickly overcome and El Salvador is starting to lead the way in new Cryptocurrency projects, such a transaction speed and curfewed payment systems that defer transaction in a kind of 'payment promise' similar to Direct Debit in the Fiat system... this means exact amounts are still transacted no matter the state of Bitcoin value at the time. 

It will not be long before El Salvador has developed and perfected Bitcoin payment facilties, and the ease of use... and all this started with people needing to have a way to control their finances without a bank account in some of most rural village locations in El Salvador - also bringing the Internet with it...

Hong Kong and harbour.

Image: Hong Kong Fiat Hub 

El Salvadoran government has embraced Cryptocurrency like no other country so far, and is fast becoming a Mecca for many Crypto Start-ups. The regulations that cover Bitcoin and Cryptocurrency in general are far more relaxed, trustable and facilitating to the Cryptocurrency world... with that, like Hong Kong is a financial hub for the Fiat world and stocks, there is no reason why El Salvador cannot compete at the highest level internationally when it comes to Bitcoin or any other Altcoin.

So Salvador could soon break out as a huge and vital centre for Cryptocurrency, its governorship, regulations, DeFi, Crypto Banks, and large companies such as Binance, or Coinbase... and why not? It makes absolute sense and should be discussed more often and openly within the Cryptocurrency community and it's big guns... get over to El Salvador!

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XTRM™
XTRM™

Cryptocurrency Investigator - XTRM™ PR - Taking a laid back look at Crypto while sneaking up on the Cryptocurrency Bad Guys. All investigatory reviews are my own findings during testing - Dig a little deeper! If Carlsberg made Crypto Blogs!


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