[WSMDiscuss] [REDlistserve] El Salvador looks to become first country in the world to adopt bitcoin as legal tender

Tue Jun 8 11:56:56 CEST 2021

Just quick thoughts:
I would call cryptocurrencies ultimate capitalism. Currencies in markets
change value all the time. The changes with crypto are so much bigger.
'Blockchain makes decentralisation possibleŠ.' Yes for those who are in, not
for those who are outside that blockchain.
I think Iran found its electricity supply seriously depleted because
crypto-operators had moved in  this is a real problem.
El Salvador is a fearsome regime, isn¹t it, with people fleeing from it
constantly?
Helena 

From:  <radical_ecological_democracy at googlegroups.com> on behalf of Ashish
Kothari <ashishkothari at riseup.net>
Date:  Tuesday, 8 June 2021 at 10:46
To:  James Pochury <jamespoch at gmail.com>
Cc:  Post WSMDiscuss <wsm-discuss at lists.openspaceforum.net>, Post RED
<radical_ecological_democracy at googlegroups.com>
Subject:  Re: [REDlistserve] El Salvador looks to become first country in
the world to adopt bitcoin as legal tender

But what about this? (and there are many more such reports):

https://www.theguardian.com/technology/2021/feb/27/bitcoin-mining-electricit
y-use-environmental-impact

Democracy that comes at a huge ecological cost is not, well, democracy! But,
like Jai, then I don't understand much about all this, so perhaps someoen
can enlighten. 

Also, are all cryptocurrencies likely to cause such ecological impacts, or
are some different ...and if so, how?

I also did not understand this, James: "blockchain is a network of millions
of computers .... makes decentralisation possible" ... and then
"authoritarian regimes don't want to let in existing cryptos ... would
ratehr create their own Blockchain & crypto currency" ... now is
blockchain/cryptos are inherently decentralised, would not authoritarian
regimes risk their own power by setting up their own?

Finally, do any of these fundamentally challenge capitalism (and in the
above qs, statism), or are they 'reforms' within the existing structures?

thanks to anyone, who can respond to these qs.

ashish 

On 08/06/21 3:03 pm, James Pochury wrote:

>   
> One bitcoin had almost touched 50,000 USD. Right now it is hovering around
> 36,000. You can own a fraction of bitcoin, including by giving a fraction to
> the 70% of the informal economy and over a period of time, the value increases
> benefitting them.
> 
>  
>  
> There are atleast 5000 cryptocurrencies and counting. Etherium is at no. 2 in
> terms of value. 
>  
> 
>  
>  
> The decentralised nature of cryptocurrency, with crowdfunding approach in many
> cases, makes it a viable and political project with huge potential for the
> masses.
>  
> 
>  
>  
> Blockchain technology is the engine that drives cryptocurrency. Blockchain is
> a network of millions of computers across the world wired together through a
> software platform. Blockchain makes decentralisation possible. A reason why
> authoritarian regimes don't want to let in existing cryptos into their
> countries. They would rather create their own Blockchain and crypto currency.
>  
> 
>  
>  
> Blockchain is also poised to be used for many other sectors, including
> financial, health, educational institutions, communications, transportation,
> trade, etc.
>  
> 
>  
>  
> James
>  
>  
>  
>  
> On Tue, 8 Jun 2021, 02:01 Jai Sen, <jai.sen at cacim.net> wrote:
>  
>  
>>  
>>  
>>  
>> 
>> Monday, June 7, 2021
>>  
>> El Salvador in movementŠ, Ideas in movementŠ, History in movementŠ, Economies
>> in movementŠ
>>  
>> [I know nothing about Bitcoin, and my last attempt  this last weekend - to
>> try to understand (by reading an article on it) resulted in my bailing out.
>> But that¹s not the point : A day later, I see this article, and the part that
>> interests me is the social (and political) basis on which E; Salvador¹s
>> President is selling his move : That it will ³include² the ³70% of El
>> Salvador¹s population does not have a bank account and works in the informal
>> economy².  Any comments, from those who understand this field ?  Because it
>> seems to me that the implications, and repercussions, of this step are huge,
>> for economies  and rulers - across the world :
>>  
>> ³Next week I will send to Congress a bill that will make Bitcoin a legal
>> tender in El Salvador,² Bukele said in the message Saturday. ³In the short
>> term this will generate jobs and help provide financial inclusion to
>> thousands outside the formal economy and in the medium and long term we hope
>> that this small decision can help us push humanity at least a tiny bit into
>> the right direction.²
>>  
>> The U.S. dollar is El Salvador¹s official currency. About one quarter of El
>> Salvador¹s citizens live in the United States and last year, despite the
>> pandemic, they sent home more than $6 billion in remittances.
>>  
>> Stephen McKeon, a finance professor at the University of Oregon who studies
>> cryptocurrencies, said Bitcoin is legal to own in most countries but has
>> never been designated as legal tender, which would mean it could be used to
>> to settle financial obligations, including taxes.
>>  
>> But, he added, ³It is unclear whether anyone desires to pay their taxes in
>> Bitcoin.²
>>  
>> Additional details of the plan were not released. But Bukele in subsequent
>> messages on Twitter noted that Bitcoin could be ³the fastest growing way to
>> transfer six billion dollars a year in remittances.² He said that a big chunk
>> of those money transfers were currently lost to intermediaries and with
>> Bitcoin more than a million low-income families could benefit.
>>  
>> He also said 70% of El Salvador¹s population does not have a bank account and
>> works in the informal economy. Bitcoin could improve financial inclusion, he
>> said.
>>  
>> El Salvador looks to become first country in the world to adopt bitcoin as
>> legal tender
>>  
>> Associated Press
>>  
>> https://www.theglobeandmail.com/business/international-business/article-el-sa
>> lvador-president-plans-to-make-bitcoin-legal-tender/?symbol=print-msg
>>  
>>  
>>  
>>  
>> 
>> El Salvador President Nayib Bukele, pictured after a news conference in San
>> Salvador on June 6, 2021, wants to make Bitcoin legal tender in his country.
>> (JOSE CABEZAS/Reuters)
>>  
>>  
>> 
>>  
>>  
>>  
>> 
>> El Salvador President Nayib Bukele announced in a recorded message played at
>> a Bitcoin conference in Miami that next week he will send proposed
>> legislation to the country¹s congress that would make the cryptocurrency
>> legal tender in the Central American nation.
>>  
>> 
>> The 39-year-old president, who has maintained approval ratings above 90% and
>> made Twitter his preferred way of communicating, characterized it as an idea
>> that could help El Salvador move forward.
>>  
>> 
>> ³Next week I will send to Congress a bill that will make Bitcoin a legal
>> tender in El Salvador,² Bukele said in the message Saturday. ³In the short
>> term this will generate jobs and help provide financial inclusion to
>> thousands outside the formal economy and in the medium and long term we hope
>> that this small decision can help us push humanity at least a tiny bit into
>> the right direction.²
>>  
>> 
>> The U.S. dollar is El Salvador¹s official currency. About one quarter of El
>> Salvador¹s citizens live in the United States and last year, despite the
>> pandemic, they sent home more than $6 billion in remittances.
>>  
>> 
>> Stephen McKeon, a finance professor at the University of Oregon who studies
>> cryptocurrencies, said Bitcoin is legal to own in most countries but has
>> never been designated as legal tender, which would mean it could be used to
>> to settle financial obligations, including taxes.
>>  
>>  
>>  
>> 
>> But, he added, ³It is unclear whether anyone desires to pay their taxes in
>> Bitcoin.²
>>  
>> 
>> Bukele¹s New Ideas party holds a supermajority in the new congress seated May
>> 1, giving any legislative proposal from the president a strong likelihood of
>> passage.
>>  
>> 
>> Additional details of the plan were not released. But Bukele in subsequent
>> messages on Twitter noted that Bitcoin could be ³the fastest growing way to
>> transfer six billion dollars a year in remittances.² He said that a big chunk
>> of those money transfers were currently lost to intermediaries and with
>> Bitcoin more than a million low-income families could benefit.
>>  
>> 
>> He also said 70% of El Salvador¹s population does not have a bank account and
>> works in the informal economy. Bitcoin could improve financial inclusion, he
>> said.
>>  
>> 
>> Riding his high popularity and his party¹s dominance performance in Feb. 28
>> elections, Bukele has concentrated power. His party¹s supermajority in
>> congress ousted the justices of the Constitutional Chamber of the Supreme
>> Court May 1. They then replaced the attorney general.
>>  
>>  
>>  
>>  
>>  
>>  
>>  
>> 
>> They had been critical of some of Bukele¹s more drastic measures during the
>> pandemic, including a mandatory stay-at-home order and containment centres
>> where those caught violating the policy were detained.
>>  
>> 
>> While enjoying a positive relationship with former U.S. President Donald
>> Trump, Bukele has had a much more tense relationship with the administration
>> of President Joe Biden.
>>  
>> 
>> Last month, the White House Special Envoy for the Northern Triangle Ricardo
>> Zuniga said during a visit to El Salvador that the U.S. government would like
>> to see El Salvador reverse the moves against the court and the attorney
>> general. Bukele said that would not happen.
>>  
>> 
>> Bukele¹s concentration of power, attacks on critics and open disdain for
>> checks on his power have raised concerns about El Salvador¹s path. However,
>> Bukele has a wide base of support in part due to the utter failure of the
>> country¹s traditional parties who ruled during the past 30 years to improve
>> people¹s lives and to his ability to provide short-term benefits.
>>  
>> 
>> Bukele has been praised for aggressively obtaining COVID-19 vaccines and
>> running an efficient vaccination program far more successful than El
>> Salvador¹s neighbours.
>>  
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>> ____________________________
>>  
>> Jai Sen
>>  
>> Independent researcher, editor; Senior Fellow at the School of International
>> Development and Globalisation Studies at the University of Ottawa
>>  
>> jai.sen at cacim.net <mailto:jai.sen at cacim.net>  & jsen at uottawa.ca
>>  
>> Now based in Ottawa, Canada, on unsurrendered Anishinaabe territory
>> (+1-613-282 2900) and in New Delhi, India (+91-98189 11325)
>>  
>> Check out something new  including for copies of the first two books below,
>> at a discount, and much more : The Movements of Movements
>> <https://movementsofmovements.net/>
>>  
>> Jai Sen, ed, 2017  The Movements of Movements, Part 1 : What Makes Us Move
>> ?.  New Delhi : OpenWord and Oakland, CA : PM Press.  Ebook and hard copy
>> available at PM Press <http://www.pmpress.org/> ; hard copy only also at The
>> Movements of Movements <https://movementsofmovements.net/>
>>  
>> Jai Sen, ed, 2018a  The Movements of Movements, Part 2 : Rethinking Our
>> Dance.  Ebook and hard copy available at PM Press <http://www.pmpress.org/> ;
>> hard copy only also at The Movements of Movements
>> <https://movementsofmovements.net/>
>>  
>> Jai Sen, ed, 2018b  The Movements of Movements, Part 1 : What Makes Us Move
>> ?  (Indian edition). New Delhi : AuthorsUpfront, in collaboration with
>> OpenWord and PM Press.  Hard copy available at MOM1AmazonIN
>> <https://www.amazon.in/dp/9387280101/ref=sr_1_2?ie=UTF8&qid=1522884070&sr=8-2
>> &keywords=movements+of+movements+jai+sen> , MOM1Flipkart
>> <https://www.flipkart.com/the-movements-of-movements/p/itmf3zg7h79ecpgj?pid=9
>> 789387280106&lid=LSTBOK9789387280106NBA1CH&marketplace=FLIPKART&srno=s_1_1&ot
>> racker=search&fm=SEARCH&iid=ff35b702-e6a8-4423-b014-16c84f6f0092.978938728010
>> 6.SEARCH&ppt=Search%20Page> , and MOM1AUpFront
>> <http://www.authorsupfront.com/movements.htm>
>>  
>> SUBSCRIBE TO World Social Movement Discuss, an open, unmoderated, and
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-- 
      Ashish Kothari

New, for COVID relief in India! Vikalp Sutra
<https://sutra.vikalpsangam.org/>

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<https://radicalecologicaldemocracy.org/pluriverse>

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