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El Salvador’s adoption of bitcoin as legal tender is pure folly
Cryptocurrencies are a baffling entity but adopting it as legal tender is the strangest, most worrying aspect of all El Salvador this month became the first country to adopt a cryptocurrency – in this case, bitcoin – as legal tender. I say the first, because others might follow. But they should think twice, because the idea is highly dubious – and likely to be economically dangerous for developing countries in particular. I will admit that I don’t understand the need for cryptocurrencies at all. Like many economists, I fail to see what problem they solve. They aren’t well designed to fulfil any of the ... (full story)
