Bitcoin cannot yet be a means of payment in this country, there are problems with service developers

El Salvador Vice President Felix Ulloa recently stated that Bitcoin (BTC) will likely be a tool to free the country from the use of fiat currencies, including the United States dollar.

Launching News.bitcoin.com, Sunday (16/6/2024) in an interview with Russia Today (RT) on the sidelines of the San Petersburg International Economic Forum (SPIEF), Ulloa highlighted the opportunities that Bitcoin adoption brings to the country for economic freedom .

When asked about the possible de-dollarization of El Salvador and its link to Bitcoin, Ulloa stressed that his government had studied the case beforehand.

“For this, Bitcoin has become an option; and not only Bitcoin but also other cryptocurrencies circulating on the international market,” explained Ulloa.

Last year, El Salvador passed a digital assets law, which includes cryptocurrencies, tokens and other digital assets to advance economic liberalization, he highlighted.

Previously, Ulloa also highlighted Bitcoin's role in El Salvador's economic revival, strengthening the relationship between crypto and the tourism industry.

In October 2023, he assessed that “tourism and the use of digital currency go hand in hand and are a sign of the future and rebirth of our country.”

For your information, El Salvador adopted the US dollar in 2020, allowing its use for all commercial and financial transactions while seeking to improve its economic figures.

Ulloa stated that El Salvador wants to free its economy from a central bank and also from its implicit dependence on fiat currencies, such as the US dollar, euro, pound sterling and others.

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