- 2 March 2022
- Posted by: Cryptovalues
- Category: Cryptovalues News, Legal, World News
The move to approve Bitcoin as legal tender in addition to El Salvador’s purchase of numerous Bitcoins has resulted in a number of initiatives that have been developed with the proceeds of the digital currency’s rise in recent months, as well as a number of opportunities that have arisen as a result.
El Salvador is said to have spent part of the capital gains to build a veterinary hospital renamed ‘Chivo Pets’ after the name of the state wallet that is used in El Salvador precisely to transact in Bitcoin and which allows surgeries at the symbolic price of $0.25.
The success of Bitcoin Bonds seems to be resounding, as they could offer the country a way out of the classic channels of financing through bonds.
Although the release of the bond is still three weeks away, it seems to have already garnered investment promises for the entire tranche that will be distributed.
According to reports in the US press, more than USD 500 million has already been pledged.
A sum that no one could have imagined when the idea of the bonds expressed in digital currency was first conceived, and which gives the impression of the possibility of increasing tenfold the amount of money that will be collected through these collections.
Moving on to Latin America, Bukele’s initiative has found proselytes in Mexico, so much so that there are those who would like Bitcoin to be the legal alternative to the official currency, even if this possible evolution is far from reality, but it gives an idea of how cryptocurrency has found increasingly evident support even among those who are responsible for making decisions.
Indira Kempis, the senator from the state of Nuevo Leon, is advancing the idea of Bitcoin as a forcible currency, which would first flank and then replace the Mexican peso. The strength of her argument rests on the fact that its adoption could promote global financial inclusion:
“It is clear that financial exclusion is one of the public problems that few of us have addressed with viable alternatives.
This type of technology represents a real alternative so that millions of people can be included in the financial system.”
The opportunity offered to be able to solve the problem of inequality and financial inclusion through the use of Bitcoin is the idea brought forward by the Mexican senator, in office since 20128, who has been actively promoting the crypto industry for a few years now:
“Making Bitcoin a legal tender means creating a level playing field for excluded people.”
Other Mexican senators, including Eduardo Murat Hinojosa, also began working on crypto-friendly legislation shortly after its adoption by El Salvador.
However, in October last year Mexican President Andrés Manuel López Obrador frustrated the enthusiasm is virtually impossible to follow El Salvador’s example.
Support, however, comes from businessman and billionaire Ricardo Solinas, founder of Grupo Salinas, who recently recommended on Twitter to buy Bitcoin and not sell it for any reason, making similar statements in late 2021, when he called fiat money “fake money made of paper lies” referring to the large amount of currency put into circulation with impunity by the Federal Reserve.