Bitcoin News: Economist Steve Hanke claims that countries that legalize Bitcoin may be doing it “to be complicit in corruption”. Hanke hints that this is not a far-fetched conclusion, as BTC is used for illegal activities.
First, it is stated that a total of five Latin and Central American countries have legalized or are planning to legalize BTC. El Salvador was the first country to legally accept BTC.
May not have as good results as expected
Then Panama also announced that it would become a crypto nation. This move quickly sparked another spark. Paraguay has also hinted that it will follow El Salvador’s lead.
Alongside these, Hanke adds rumors that Mexico, Brazil, and Argentina will also legally accept Bitcoin. Hanke made a comparison in his tweet, saying that all these nations already rank poorly on the global scale of corruption.
But Hanke says El Salvador uses the dollar for its fiat currency. So (as there is no local currency) the country could experience an economic collapse. Applied Economics Professor Henke, who thinks that there could be a serious economic challenge for El Salvador when BTC holders in other countries cash out their crypto, warns about this.
In the shadow of these possibilities, El Salvador wasted no time in putting its decision into practice. So far, the country has started bringing BTC ATMs. They are also working on a plan to generate geothermal power from their volcanoes to mine Bitcoin.