El Salvador is making steps to set up bitcoin as legal tender, announced President Nayib Bukele. With numerous potential benefits for its citizens, including ease of money transfer, eliminating exchange fees, and more, the impact on the small country could be significant, leading to a higher economic output for the country.
But what would the impact of one small country’s decision be on the global economy? As the ramifications of taxation, international currency, investment opportunities and more compound, it becomes apparent the overall results could be huge for the rest of the world.
Avik Roy of Forbes reports with more detail.
