From buying one BTC a day, El Salvador President Nayib Bukele is taking the country’s crypto plans to the next stage with the goal of having a Bitcoin node at every home. Max Keiser, the senior Bitcoin advisor to President Bukele, revealed the key news about plans to transform the country into a full-blown BTC ecosystem this year.
El Salvador Crypto News: Bitcoin Node At Every El Salvador Home?
Max Keiser spoke about President Nayib Bukele’s bold vision to introduce a Bitcoin node at every home thereby setting up global precedence in crypto adoption. The broader goal here is to promote economic decentralization and promote financial inclusion. Additionally, it also seeks to promote a decentralized nation-state model in the country.
Through its Bitcoin acquisition plans over the years, and making BTC a legal tender, El Salvador has managed to effectively reduce debt. Now, installing Bitcoin nodes could bring major benefits in terms of enhanced security and user autonomy.
It would also mean greater decentralization of citizens’ finances while reducing reliance on centralized points. Furthermore, it would improve accessibility, empowering more people to safely and effectively engage in the crypto economy.
It will be interesting to see whether El Salvador residents accept this plan from the President. The launch of the Bitcoin volcano bonds, which sought to raise $1.0 billion for the construction of Bitcoin mining infrastructure in the country, had very low acceptance rates.
Some critics have also argued that having a BTC node at every home is not a viable idea while calling it “grand illusion”. Moreover, El Salvador’s recent IMF deal for a $1.4 billion loan could put limitations to its bold plans. Despite this, the Latin American country is emerging as a strong choice for crypto firms to set up base.
A Safe Haven For Crypto Firms?
Amid the growing regulatory scrutiny and this crypto adoption news, El Salvador is emerging as a safe haven for crypto firms to set up base. Over the past week, two top crypto firms – crypto exchange Bitfinex and stablecoin issuer Tether – have announced their expansion plans in the Latin American country.
Bitfinex Derivatives, the official platform under its Seychelles-based parent company, secured the Digital Asset Service Provider (DASP) license in El Salvador, as part of its efforts to expand presence in Latin America.
Yesterday, January 13, largest stablecoin firm Tether announced that it has secured the same DASP license for setting up a physical office in the Latin American country. As a result, the firm will entirely shift its operations in the nation.
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