El Salvador: Bitcoin Could Break Dollar Dependency, Says Vice President

IconCryptoNewsTerminal Staff15 Jun, 2024

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El Salvador: Bitcoin Could Break Dollar Dependency, Says Vice President

El Salvador's Vice President, Felix Ulloa, has stated that Bitcoin could be the tool to end the country's dependency on the US dollar. In an interview with Bitcoin.com, Ulloa explained that while El Salvador could abandon the dollar and return to its own currency, the colon, it would be a costly endeavor. However, he believes that Bitcoin offers a more feasible solution. "With Bitcoin, it would not be so expensive," Ulloa said. "We could have a dual currency system, with the dollar and Bitcoin circulating side by side." Ulloa's comments come as El Salvador prepares to become the first country in the world to adopt Bitcoin as legal tender. The move has been met with mixed reactions, but Ulloa believes that it will ultimately benefit the country. "Bitcoin is a tool that can help us achieve financial freedom," Ulloa said. "It is a way to escape the control of the traditional financial system."

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