Nayib Bukele

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US Senators Reintroduce ‘Accountability for Cryptocurrency in El Salvador (ACES) Act’

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U.S. Senators Jim Risch and Bob Menendez have reintroduced the “Accountability for Cryptocurrency in El Salvador Act,” known as the “ACES Act,” for discussion in the Senate. The piece of legislation seeks to examine the level of adoption of bitcoin as a legal tender in El Salvador and how this might affect the financial stability … Read more

Latam Insights: Bolivia Sells Gold for Dollars, Argentina Bans Fintech Crypto, Fitch Upgrades El Salvador’s Credit Rating

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Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, Bolivia passes a law to sell gold for dollars, the Central Bank of Argentina bans fintech companies from using crypto, and Fitch improves El Salvador’s credit rating. Bolivia Passes Law … Read more

Latam Insights — Steve Hanke Advocates Dollarization in Argentina, Bitcoin City Plans Unclear in El Salvador, Sunacrip Implicated in Venezuela Layoffs

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Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, economist Steve Hanke calls to dollarize Argentina, Bitcoin City plans are still not formalized in El Salvador, and Venezuelan crypto watchdog Sunacrip is allegedly involved in mass layoffs. Steve Hanke … Read more

Steve Hanke Blasts Bitcoin: It Is ‘Not a Currency’ and Has a ‘Fundamental Value of Zero’

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Steve Hanke, professor of applied economics at Johns Hopkins University, has criticized bitcoin, stating it is not a currency. The economist, known for his vocal opinions about crypto and for the promotion of dollarization initiatives in Latam, blasted bitcoin, saying it has a “fundamental value of zero,” and that it is a “highly speculative asset.” … Read more

El Salvador Considers Opening Second Bitcoin Embassy in Texas to Boost Economic Exchange

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On Feb. 14, 2023, Milena Mayorga, the Salvadoran ambassador to the United States, announced that her country is considering opening a second bitcoin embassy in the Lone Star State. Mayorga said that Texas is “our new ally” and the goal is to expand “commercial and economic exchange projects.” Ambassador Milena Mayorga Fosters Growing Relationship Between … Read more

IMF Report on El Salvador’s Bitcoin Adoption: Risks Averted, but Transparency Needed

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According to a recent mission statement published by the International Monetary Fund (IMF), El Salvador has adopted bitcoin as legal tender and has avoided risks so far. The IMF states that the risks have not materialized due to the limited use of bitcoin. However, the United Nations financial agency warns that if its legal tender … Read more

Miss El Salvador Features Bitcoin in Miss Universe 2023

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The Miss Universe contestant from El Salvador this year has surprised viewers by featuring bitcoin as part of her national costume. El Salvador has adopted the cryptocurrency as legal tender and has passed a new regulatory framework for the issuance of its long-awaited bitcoin-backed Volcano bonds. Bitcoin Showcased in Miss Universe 2023 The Miss Universe … Read more

Reviewing El Salvador’s Bukele Predictions for 2022: What Went Wrong?

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Nayib Bukele, president of El Salvador and die-hard Bitcoin enthusiast, formulated a series of predictions about the behavior of bitcoin and the crypto ecosystem for the past year. These included the top price of bitcoin, the influence of the cryptocurrency on U.S. elections, the issuance of the volcano bonds, and also the construction of Bitcoin … Read more