El Salvador: Cardano Planning to pull Bitcoin Operations
“Yes, we have been in talks with some officials and parties in El Salvador, and I may do a state visit. We sent out all the documentation and requests for that, so we’ll meet the President. But it’s going to be in their hands…”Charles Hoskinson,
Moving further Cardano recently announced government agreements in Ethiopia and Tanzania to develop blockchain infrastructure related to technologies and to emphasize education and internet connectivity. With El Salvador turning bitcoin into a legal tender, Hoskinson sees this as an opportunity to take advantage of this flood-affected crypto-friendly speed in the country and make their respective moves.
While the supposed legislature is called the “Bitcoin law” thus the question arises that would it be the same with Cardano after gaining the recognition?
September 7 has been declared a go-live date for President Bukele’s refusal from the IMF and the World Bank for bitcoin in El Salvador.
Rollout completes a national wallet that provides instant USD conversions and facilitates BTC transfers inside and out and also as an incentive, the customers will also get $30 in their wallet as a new user.
The Bitcoin operation in El Salvador has set an example to the world that cryptocurrency adoption is taking place despite the opposition factors. While this is not because a major section of society says so, but because crypto is an alternative to a system that people are not interested in.
While accessing the situation Cardanians of the stake pool operators the Blockchain technology is not just only about Bitcoin, while he also suggested that Cardano can provide even more transparency, independence, and freedom than as compared to that provided by Bitcoin.
With this, he said
“Dear people of El Salvador, blockchain is not just about Bitcoin. Blockchain allows you to create a global identity or make certain financial processes more transparent. You can even issue your stable coin and become independent. If you want more freedom, check out #Cardano.”
While also agreeing to the condition that Bitcoin has no programmability so far, other cryptocurrencies are less reliable. In El Salvador, this may be the deciding factor in legal tendering.
As bitcoin grows in El Salvador, so does interest from Altcoin developers
“It’s a Bitcoin law. It’s very hard to put in place two currencies, working at the same time. And like I said before, give total freedom to the seller, and total freedom to the buyer at the same time, even if the seller and buyer pick a different currency.”
He reminded that he would not ban Altcoins and that Altcoin developers were free to set up shops and invest in El Salvador. Although in terms of legal tender, Bitcoin is the only cryptocurrency in the country.
The reason being programmability and smart deals offer an advantage over other platforms, the legacy world needs to start with confidence first and thus Bitcoin seems to be on its edge.