‘Resistance is futile’: Cryptocurrency is here to stay

From itproportal.com


As of September 7th, 2021, El Salvador will officially recognize Bitcoin as legal currency. This is a remarkable move, and one that will likely stimulate a huge amount of economic growth as Salvadoreans leapfrog from a largely cash-based society straight to a system characterized by the frictionless, finger-snap efficiency of digital currency.

The benefits of this normalization of cryptocurrency have been spelled out in no uncertain terms by President Bukele, who points to two key areas of interest: financial inclusion and cross-border remittances. As the President notes, 70 percent of El Salvador’s population doesn’t have a bank account – as such, the financial inclusion Bitcoin represents will allow Salvadoreans “access to credit, savings, investment, and secure transactions.”

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