Reasons Why The Crypto Dream Is Turning Into A Nightmare

Problems In El Salvador

El Salvador made headlines across the world when it became the first country to accept bitcoin as tender. They launched a virtual wallet and also installed bitcoin ATMs across the nation. However, the crypto dream failed in the Central American state because locals aren’t using it.

Internet access remains an issue in El Salvador so this isn’t surprising. The government tried to increase its popularity by excluding it from capital gains taxes. But this didn’t work because many El Salvadoreans dealt with identity theft and most businesses don’t use it (via Bloomberg).