Might be relevant to read another perspective on El Salvador and Bitcoin (Nov. 2022) <a href="https://www.theguardian.com/technology/2022/nov/15/china-el-salvador-economy-cryptocurrency-fall" rel="nofollow">https://www.theguardian.com/technology/2022/nov/15/china-el-...</a>
Is it really the case that mining Bitcoins is still the most lucrative way to exploit El Salvador's volcanic energy?
Instead of mining Bitcoins, they could also simply have exported their electric energy, but apparently this is less profitable. But then I wonder, why don't we see more power plants all over the world doing the same thing with their generated electricity?
You have to admire El Salvador for at least trying something different to get out of its financial hole. Too many countries struggling with issues similar to it (crime, poverty, debt) end up using the same playbook (IMF/Worldbank loans) and dig themselves deeper and deeper into the poverty trap.<p>There are no easy paths for countries like El Salvador. This might be bad too, but at least its a different attempt.
Isn't the Salvadoran president a cryptobro who lost a huge amount of public money betting on Bitcoin?<p>That's the last I heard of it, have they turned it around at all?
This is a big deal for crypto. Once there's a legal framework around crypto people will be more likely to trust the infrastructure around it. The big test is whether El Salvador will be able to enforce the laws they pass. Right now it's a hard no. Corruption is rampant in El Salvador so it's hard to trust anything they do but maybe the President there can do something about it and turn things around.<p>But any way you look at it it's a plus for crypto since once one country does it other countries will follow just so they don't get left behind. I expect other small countries to move forward with legal crypto frameworks.