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Former Central Intelligence Agency (CIA) employee and famed whistleblower Edward Snowden commented on the implications of Bitcoin (BTC) being adopted as a currency by El Salvador yesterday.
According to the cybersecurity expert, competing nations may regret hesitating to also adopt Bitcoin.
“Bitcoin was formally recognized as legal tender in its first country. There is now pressure on competing nations to acquire Bitcoin – even if only as a reserve asset – as its design massively incentivizes early adoption. Latecomers may regret hesitating.”
Privacy advocate Snowden is not alone in his claim, with influential institutions such as JP Morgan and the Central American Bank for Economic Integration (CABEI) in agreement with his prediction.
Despite doubting whether El Salvador would benefit economically from Bitcoin use, JP Morgan suggested that the move might be “the beginning of a broader trend among similarly situated, smaller nations.”
CABEI notes that “the world is moving in a highly digitalized direction,” and executive president Dr. Dante Mossi acknowledged the organization’s intent to bolster El Salvador’s new initiative.
“We are preparing an expert-led technical assistance package to support the country’s economic authorities, harmonizing the needs of users, helping to prevent illicit activities, and avoiding any undesirable impact on financial stability and monetary policy.”
Some of the world’s most widely recognized brand names are quickly adapting to Bitcoin’s new status as legal tender in El Salvador, with both Starbucks and McDonald’s locations accepting BTC as payment.