Legal Tender Crypto (Dual currencies)

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Some countries are experimenting with dual currencies - maintaining their fiat currency while also giving legal tender status to a cryptocurrency in parallel.

Bitcoin is currently legal tender in El Salvador and the Central African Republic (CAR).

Tron (TRX) is currently legal tender in Dominica. Legislators in St. Maarten are pushing to give it legal tender status there as well.

Will more countries start experimenting like this? Will it open the door to countries letting gold and silver coin run in parallel too?

[shades]

Reading up on the countries pushing for dual acceptance, there is a trend that shows it is being pushed by the kleptocrats ruling those countries financial matters.

Why would any sovereign country EVER think it's a good financial stable idea to do business in an extremely volatile exchange medium that is on the downtrend, except that they don't care that it is losing value. So, ask yourself why would they want this? Easy answer: money laundering.

Even binnance is stopping exchange in dollars...... Bad omens for future of crypto longterm.....

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Why would any sovereign country EVER think it's a good financial stable idea to do business in an extremely volatile exchange medium ...

El Salvador sold it as a means to help people repatriate more of their wealth (saving on transaction fees charged by Western Union et al).

From what I've read though, it looks to me like they are all trying to set themselves up as crypto industry hubs and attract foreign investment.

[t00nces2]

Reading up on the countries pushing for dual acceptance, there is a trend that shows it is being pushed by the kleptocrats ruling those countries financial matters.

Why would any sovereign country EVER think it's a good financial stable idea to do business in an extremely volatile exchange medium that is on the downtrend, except that they don't care that it is losing value. So, ask yourself why would they want this? Easy answer: money laundering.

Even binnance is stopping exchange in dollars...... Bad omens for future of crypto longterm.....

I was thinking you were talking about crypto, then I realized you were talking about the American Dollar....

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The IMF isn't happy that some countries have made cryptos legal tender. They are advising countries on how to deal with crypto now. Their #1 "commandment" - do not make crypto legal tender:

https://www.imf.org/en/News/Articles...-crypto-assets