The world looks to El Salvador, as El Salvador officially recognises Bitcoin as its national currency today, September 7, 2021. Many crypto advocates are excited about Bitcoin becoming a national currency and are looking to El Salvador for more cryptocurrency developments.
Although President Nayib Bukele was confident about his country's decision to recognize Bitcoin as legal tender, he was nearly brought down by widespread institutional criticism from agencies such as the International Monetary Fund (IMF), the World Bank and others. However, the recent endorsement from Bank of America gives Bukele renewed vigor and enthusiasm to continue pursuing the Bitcoin dream.
The International Monetary Fund (IMF) and the World Bank have been somewhat reticent about countries giving cryptocurrencies legal tender status or promoting their widespread use within their borders, but no one seems to be listening.
Digital currencies have gained much momentum globally, including in South America. The World Bank recently issued a report and indicated that only 49% of adults in S. America have access to banks. Overall, it is difficult to create a new bank account since it involves multiple processes (bureaucracy) and weighty maintenance costs.
According to World Bank and World Health Organization, half of the world lacks access to essential health services and 100 million people are pushed into extreme poverty because of health expenses. It is often difficult to get access to healthcare while traveling abroad. It is always a difficult and tedious process to get an accurate patient history. Medical research takes a painfully long time to make it through the approval process and into actual practice in hospitals.