Tue August 23, 2022 ▪ 8:00 a.m. ▪
min read – by
El Salvador does not have as prosperous a budget as that of the United States, but it manages to set an example for the leaders of this world. If the latter are slow to adopt bitcoin as legal tender, the local government has taken the plunge first. With the cryptocurrency market sinking into the red, Nayib Bukele is coming to the rescue of struggling players.
Nayib Bukele will help DeFi platforms
Bitcoin Magazine recently covered a press conference in which Nayib Bukele highlighted accompanying measures against the backdrop of: bear market. Concerned about the future of Salvadoran DeFi platforms, he volunteered to actually help them out.
For example, there will soon be a recovery plan for local lenders. This plan will include measures to ensure they continue to operate at full capacity, or at least avoid defaults.
If necessary, the Bukele government will not hesitate to set up a fund to save their money.
How fascinating is this Nayib Bukele! Because he not only continues to pledge the state treasury of bitcoin, 2,381 BTC in total, but also wants to set an example for anyone who wants to follow in his footsteps.
Stacy Herbert has found nothing better than taking her side.
A wink for the Salvadoran SME
We often point the finger at El Salvador’s ostrich policy against the backdrop of a bitcoin idyll. From here we imagine a whole army of skeptics in full conclave to find anti-bicoin and anti-Bukele arguments. However, the world no longer hesitates to award the Salvadoran president the title of bitcoin’s first lawyer. Why doesn’t he deserve it?
To prove that the legalization of bitcoin by El Salvador did not happen on a whim, the country decided to carry out many projects related to cryptocurrencies. We can include the establishment of the Casa del Bitcion to democratize this new asset, as well as Bitcoin City.
In addition, it is worth noting a life-saving action by the same government towards SMEs. As late as January, he decided to form a $10 million cryptocurrency package for the lending platform Acumen. This will enable small and medium-sized businesses in the country from the first 1 . take out cryptocurrency loanser quarter 2022.
Coindesk clarified at the time that Solana-based Acumen will occasionally work closely with El Salvador’s National Commission for Micro and Small Enterprises (Conamype). The latter will indeed ensure the allocation of funding to informal entrepreneurs and local self-employed.
Decentralized finance (DeFi) in its essence!
Certainly, these economic actors, estimated at 86% in the country, had welcomed the idea with arms-wielding. Because the existing offers showed an annual interest rate of up to 2,300%.
How greedy are the Salvadoran lenders! Fortunately, Nayib Bukele is a great visionary, even developing new alternatives for SMEs in the country. Now that lenders are struggling, due to the crisis in the crypto market, he also wants to reach them. Who knows if the right profile is a good president for our country.
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The blockchain and crypto revolution is underway! And the day the impact will be felt on the world’s most fragile economy, against all odds, I’ll say I had something to do with it