According to Ulloa, the number of people with Bitcoin wallets is now twice as large as the number of bank account holders in El Salvador.
The vice president said that the idea was for El Salvador to be a bargaining chip for activities carried out in the national and international economy. Several countries have been playing this role in the financial sector around the world.
Vice President said that “We still need to adjust some regulatory situations and see the behavior of our economy, but the trend is positive, our country will be a model to follow and, as President Bukele says, become an economic and financial hub that can serve others countries.”
Ulloa expects impoverished El Salvador to become an economic and financial center for its bold bets on Bitcoin. Additionally, he stated that the leading cryptocurrency would benefit an estimated 1.17 million Salvadoran immigrants residing in the U.S.
According to Ulloa, the number of people who have a Bitcoin wallet is now twice as big as the number of bank account owners in El Salvador. This, as the politician believes, highlights the level of trust Salvadorans have in BTC. The adoption of Bitcoin in El Salvador prompted protests, but the opposition stopped short of stopping the law from officially going into effect in early September.
Ulloa assured that the population supports this government measure, “In our country, there are 3 million Salvadorans who have a Bitcoin account, more than twice the number of traditional banking accounts, that shows the confidence of our people in the use of of this currency,” he exemplifies.
El Salvador’s bonds fell last month over fears the adoption of Bitcoin could jeopardize talks between the country and the International Monetary Fund. The IMF has been very skeptical of the country’s decision to adopt decentralized and volatile cryptocurrency as its official currency.
Following Bitcoin’s rally to almost $63,000, El Salvador President Nayib Bukele took a jab at anti-Bitcoin economist Steve Hanke. Hanke refused to back down from its earlier comments, insisting that the nation will face financial crisis later on.
