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El Salvador Has No Plans to Adopt Altcoins as Legal Tender

El Salvador Has No Plans to Adopt Altcoins as Legal Tender
  • President Nayib Bukele said that the country has no plans to adopt altcoins.
  • He noted it’s already hard enough to have two official currencies.
  • However, the country will not ban altcoins altogether.

NO MORE COINS: El Salvador President Nayib Bukele confirmed in an interview recently that the country has no plans to adopt any alternative crypto as legal tender.

The interview was much anticipated since El Salvador’s recent announcement about recognizing Bitcoin as legal tender. Speaking to Bitcoin enthusiast Peter McCormack, he explained that it was already hard enough to have two official currencies (Bitcoin and the US dollar).

Not just this but the country aims to maintain total freedom for sellers and buyers in terms of currency choice. That is, both should be able to choose the one they like, and should be able to exchange with ease. Keeping that, it’s already a tough job to create a helpful structure to facilitate Bitcoin.

“It will be impossible to have ten legal tenders…Having two legal tenders is quite a challenge… So, for legal tender, it’s only gonna be Bitcoin and the USD.”

However, the country is not out to ban altcoins altogether. Bukele especially stressed that other cryptocurrency projects are free to operate in the country.

“We are open for business now”, -he said.

In other news, during a podcast with Lex Fridman, Cardano’s Charles Hoskinson noted that El Salvador’s move into Bitcoin couldn’t be ignored. He also said that his team might visit the country. Hoskinson said,

“We know the president’s brother. We’ve had some conversations. Maybe, we will go there in the next few months, and see what’s going on there, and do a state visit to talk to the president.”

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Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.