The CEO of Input Output Global (IOG), Charles Hoskinson, says: He is in contact with officials in El Salvador about Cardano – and will meet the president.
“Yes, we have been in talks with some officials and parties in El Salvador, and I will perhaps make a state visit. We’ve sent out all the paperwork and requests for it, so we’re going to meet the president. But basically it will be in your hands…”
Cardano recently announced government deals in Ethiopia and Tanzania to launch blockchain infrastructure related to education and internet connectivity. But with the introduction of Bitcoin as legal tender in El Salvador, Hoskinson sees an opportunity to capitalize on the pro-crypto momentum that is flooding the country right now.
However, considering that the legislation is called the ” Bitcoin law – – what are the chances of Cardano getting the same recognition?
The Cardano Community Says: Blockchain is more than “just Bitcoin”
Bitcoin has been given the green light in El Salvador, as President Bukele ignores the disapproval of the IMF and the World Bank, September 7 has now been announced as the launch date.
The launch is complemented by a national wallet that offers instant USD conversions and allows BTC transfers in and out of the country. As an incentive, users receive $ 30 when they sign up for the wallet.
The Bitcoin activities in El Salvador have shown the world that, despite all the resistance, a mass adaptation of cryptocurrencies is taking place. Not because a small part of society says so – but because crypto is an alternative to a system that doesn’t have people’s interests in mind.
In a comment on the situation twitter Stake pool operator of Cardano that blockchain is about more than just Bitcoin. They say: Cardano can offer more transparency, independence and freedom than Bitcoin.
“Dear people of El Salvador, Blockchain is not just about Bitcoin. With blockchain, you can create a global identity or make certain financial processes more transparent. You can even issue your own stablecoin and become independent. If you want more freedom, check out Cardano.”
While it’s true that Bitcoin lacks programmability, no other cryptocurrency is as trustworthy to date. Perhaps this was the determining factor in making BTC legal tender in El Salvador.
President Bukele Rules out Other Cryptocurrencies
With Bitcoin as the frontrunner in El Salvador, interest from altcoin developers is also skyrocketing. In an interview with the What Bitcoin Did YouTube channel, President Bukele gave a cautious response to the idea that the entire crypto industry could open up in El Salvador.
According to Bukele, it is difficult enough to deal with two parallel currencies in BTC and USD. It was impossible to make legal offers possible.
“It’s a Bitcoin law. It is very difficult to introduce two currencies that work at the same time. And as I said, give the seller total freedom and the buyer total freedom at the same time, even if the seller and the buyer choose a different currency.”
He stressed that he will not ban altcoins and that altcoin developers are free to settle and invest in El Salvador as well. But as for legal tender, Bitcoin is the only cryptocurrency for the country.
As much as programmability and smart contracts give other platforms an advantage – bridging the “legacy world” must first start with trust. And it looks like Bitcoin has an advantage here.
Text credit: Bitcoinist
Last updated on June 26, 2021
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