Caribbeans to learn from El Salvador’s example

El Salvador made Bitcoin officially legal in early September 2021. It lead to a rise in the number of users. Caribbeans to learn from El Salvador’s example. Small, local vendors adopted the mode of payment instantly, and soon almost everyone was using it.

But by February 2022, the El Salvador shine wore off. There were a lot of complaints, and the platform slowly started crumbling. People lost a lot of money as there were a lot of technical issues in El Salvador. The transactions were confusing, and the less educated people found it difficult to keep up. After only six months, El Salvador’s Bitcoin gamble is crumbling.

As seen in the “Pirates of the Caribbean Sea” movies, the Caribbean region is a breathtakingly beautiful place. It comprises the Caribbean sea, its surrounding coasts, and the islands. The place has everything. It mostly comprised of fishermen, farmers and local vendors, and simple people. The region is a very attractive place for tourists. There is a huge base of tourists. But the localites were not receiving the actual value of their work.

The government is trying to make Bequia the world’s first fully bitcoin-enabled community. To bring people to justice, this step is taken. Everything will be bitcoin-enabled, from purchasing groceries to purchasing plot(s). The ‘DCash’ shall be backed by a central bank, unlike cryptocurrencies like Bitcoin, decentralised and unregulated. El Salvador uses this method, the bitcoin one.
However, people are still skeptical about it. When Lee Rainers, a fintech law and policy professor at Duke University, gives this for a reason as to why, “I approach it with a sense of skepticism because this technology has been around for over 10 years now but has not taken off as a broad medium of exchange,”. So now the question arises, did Caribbeans learn from El Salvador’s example?

In short, Bitcoin is not gaining as much love as the government had hoped, neither in El Salvador nor in the Caribbean region.

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