They want to limit their reliance on the US dollar. Also, 22% of their GDP is remittances, and remittance fees can be up to 50%.
From the bill:
- Central banks are increasingly taking actions that may cause harm to the economic stability of El Salvador
- That in order to mitigate the negative impact from central banks, it becomes necessary to authorize circulation of a digital currency with a supply that cannot be controlled by any central bank and is only altered in accord with objective and calculable criteria
From the bill:
- Central banks are increasingly taking actions that may cause harm to the economic stability of El Salvador
- That in order to mitigate the negative impact from central banks, it becomes necessary to authorize circulation of a digital currency with a supply that cannot be controlled by any central bank and is only altered in accord with objective and calculable criteria