Judging El Salvador’s success just a year after the legalization of bitcoin as a means of payment is shortsighted given the rapidly changing geopolitical landscape. This was stated by CTO Tether Paolo Ardoino.
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It’s really disingenuous to dismiss the efforts of countries trying to build their own future around the most solid, open and free (as in freedom) of the currencies: #bitcoin .
As a stablecoin issuer, #tether supports #bitcoin adoption. The ultimate goal is financial freedom.— Paolo Ardoino (@paoloardoino) February 22, 2023
The specialist noted that the world could change radically within a few years.
“It would be unfair to brush aside the efforts of those countries that are trying to build their own future around the strongest, open and free (as in independence) of currencies – bitcoin,” he explained.
Ardoino emphasized that Tether Limited supports the adoption of digital gold as its goal is financial freedom.
The top manager complained that in Europe (with the exception of Switzerland), the attitude towards the first cryptocurrency, despite the thousand-year tradition, is “not very promising.”
Ardoino admitted that he would be happy if the countries of the region aspired to technological and financial independence, like El Salvador.
Previously, Bitfinex, Tether and Hypercore launched the Holepunch platform for building fully encrypted P2P applications. It does not rely on any blockchain, but an embedded payment API will work with the Lightning Network. By default, Holepunch also supports USDT application integration.
In 2022, Lugano (Switzerland) actually “de facto” recognized the first cryptocurrency, Tether, and the city’s LVGA token as legal tender.
In the same year, this city opened the bitcoin embassy of El Salvador. In February 2023, a second similar institution appeared in Texas (USA).
Recall that the Minister of Finance of El Salvador, Alejandro Celaya, said that the introduction of digital gold has expanded access to financial services to the population that is largely not covered by banking services, has attracted tourists and investments.
Earlier, the government of a Latin American country opened a National Bitcoin Office. He will control all local projects related to the first cryptocurrency.
IMF criticized the decision of El Salvador to legalize bitcoin and recommended depriving the asset of this status.
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