Bitcoin brings hopes, doubts for Salvadorans sending money

SAN SALVADOR (AP) — Several countries person dabbled successful cryptocurrencies, but nary person gone truthful acold arsenic El Salvador. It's adopting Bitcoin arsenic an authoritative currency connected Tuesday.

The Central American federation is betting it volition spur the system and summation wealth sent location by Salvadorans successful the U.S. But galore are unsure the program volition enactment arsenic intended.

Some accidental it's excessively analyzable and opaque. Others interest astir the mode Bitcoin values tin emergence and autumn sharply — perchance giving recipients a windfall oregon a loss.

Some besides uncertainty authorities claims that it volition beryllium cheaper and easier than existent ways of transferring money.

Reuters reports that the wide usage of Bitcoin successful El Salvador could little committee costs for billions of dollars sent to the state from abroad, but it could besides substance wealth laundering.

With the change, businesses successful the state volition judge Bitcoin alongside the U.S. dollar, which has been the nation’s authoritative currency for 20 years and volition stay ineligible tender, according to Reuters.