Bitcoin adoption has consequences
Leading US bank JPMorgan has warned that there could be consequences to El Salvador adopting Bitcoin as a legal tender. According to a team from the bank, El Salvador’s declaration of Bitcoin as legal tender could create challenges for both the country and the cryptocurrency.The team, comprised of Steve Palacio, Joshua Younger and Veronica Mejia Bustamante, said Bitcoin’s limited liquidity could make it problematic for El Salvadorians to use it as a medium of exchange. They cited Bitcoin’s daily trading volume of above $40 billion, which is internalized by some of the leading crypto exchanges, adding that most bitcoins are held in private wallets, with the users having no interest in trading them anytime soon.
“Daily payment activity in El Salvador would represent ~4% of recent on-chain transaction volume and more than 1% of the total value of tokens which have been transferred between wallets in the past year. The illiquidity and nature of the volume is potentially a significant limitation on its potential as a medium of exchange,” they added.
El Salvador’s Bitcoin adoption comes into effect in September
As the first country to adopt Bitcoin as a legal tender, El Salvador’s move would become official on September 7. El Salvador currently uses Bitcoin as its legal tender and intends to add Bitcoin to the mix.The United States recently urged El Salvador’s government to ensure adequate regulation in place ahead of its Bitcoin adoption. US officials are still concerned about Bitcoin’s role in crimes and had advised El Salvador to do what is necessary to curb it.
El Salvador faced challenges in adopting BTC after the World Bank turned down its request for technical assistance.
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