Bukele’s Bitcoin Blunder for El Salvador
Preached as a way to support an underbanked population, bitcoin will increase fees and risks for Salvadorans.
El Salvador President Nayib Bukele's brothers reportedly presented the plan to foreign investors.
Victoria Nuland, U.S. undersecretary for political affairs, met with President Nayib Bukele on Wednesday.
The rating agency said that the law and other policy decisions had “weakened governance” and increased tensions with other countries.
President Nayib Bukele made the announcement during a national address on Thursday.
El Salvador's Bitcoin Law will make BTC a compulsory currency and create costs for everyday taxpayers – hardly an advancement for freedom or free money.