El Salvador sees Bitcoin as a tool to break away from reliance on fiat currencies like the dollar

Odaily News El Salvador’s Bitcoin roadmap could include deeper crypto asset integration as part of its economic future. El Salvador’s Vice President Felix Ulloa recently said Bitcoin could be a tool to free El Salvador from using fiat currencies, including the U.S. dollar. In an interview with Russia Today (RT) during the St. Petersburg International Economic Forum (SPIEF), Ulloa highlighted the opportunity for economic freedom that Bitcoin adoption presents to the country. When asked about El Salvador’s potential de-dollarization and its relationship to Bitcoin, Ulloa stressed that they had studied the case before and that returning to the Salvadoran colon (the country’s legal currency) would place a heavy burden on the country. El Salvador adopted the U.S. dollar in 2020, allowing the use of the dollar in all commercial and financial transactions while seeking to improve its economic data. Ulloa said El Salvador wants to free its economy from the central bank and also wants to get rid of its potential dependence on fiat currencies such as the U.S. dollar, euro, and pound. Ulloa noted: For this purpose, Bitcoin has become an option; not only Bitcoin, but also other cryptocurrencies that are circulating in the international market. Last year, El Salvador passed a digital asset law that includes cryptocurrencies, tokens and other digital assets to further promote economic liberalization. (Bitcoin.com)