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How El Salvador's bitcoin adoption could empty it of its US dollar reserves
El Salvador’s bitcoin gamble could start a chain reaction that drains the nation of its dollar reserves, an economic expert has forecast. After the country’s Bitcoin Law came into effect on Tuesday 7 September, economic forecasters expect the majority of Salvadorans to immediately change the bitcoin they receive into US dollars. Tuesday’s crypto-market crash will only reinforce this attitude. To facilitate mass conversion of bitcoin to dollars, the Central Reserve Bank of El Salvador has been stocked with $150m (£108.25m), an inadequate amount that will need to be continually topped up. Speaking to Yahoo! ... (full story)
