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Can Cryptocurrencies Be Legal Tender? A Case Study From El Salvador
In El Salvador, preference for cash and privacy fears deterred the widespread adoption of Bitcoin as an everyday currency, researchers report. The findings suggest that policies incentivizing cryptocurrency adoption as legal tender will likely fail unless populations are financially literate and already trust digital currencies. The introduction of digital currencies is one of the most important developments in monetary economics in the last decade. Unlike traditional digital currencies, which rely on central authorities such as governments or banks governed by regulations to mediate security and transactions, ... (full story)