El Salvador made a controversial and game-changing move earlier in September. The government allowed Bitcoin to become a legal tender. It was controversial due to the stigma surrounding Bitcoin and the regulatory pressure it is currently facing.
At the same time, it made a statement that they are taking cryptocurrencies seriously. Despite the move, it still seems like an experiment of some sort. The faith of that experiment will be a framework for other countries to follow.
Despite the move to accept Bitcoin as the sole legal tender among cryptocurrencies at the moment. It still draws scrutiny among certain parts of the crypto-verse which leads even right up to Vitalik Buterin. In a recent Reddit discussion, the Ethereum co-founder never liked the way how it was brought to the public.
“Making it mandatory for businesses to accept a specific cryptocurrency is contrary to the ideals of freedom that are supposed to be so important to the crypto space. Nothing unpopular about this opinion.” He said.
He further went on to talk about the risk involved in pushing Bitcoin on a mostly uneducated public on the topic.
“Additionally, this tactic of pushing BTC to millions of people in El Salvador at the same time with almost no attempt at prior education is reckless, and risks a large number of innocent people getting hacked or scammed.” He further went on to state.
It’s clear that he is not too positive about the overall project. Time will tell how the overall project will go and whether they will expand into other wider cryptocurrencies adoption.
