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

Tue Jun 8 12:00:29 CEST 2021

https://www.cnbc.com/2021/06/08/bitcoin-btc-price-slides-as-us-seizes-most-of-colonial-ransom.html?__source=sharebar|twitter&par=sharebar

On Tue, Jun 8, 2021 at 3:27 PM helena <h.paul at gn.apc.org> wrote:

> 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 possible….' 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, isn’t 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-electricity-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 movement…, **Ideas in movement…, **History in movement…,
>> Economies in movement…*
>>
>> [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 that’s 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;
>> Salvador’s President is selling his move : *That it will “include” the
>> “70% of El Salvador’s population does not have a bank account and works in
>> the informal economy”*.  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 :
>>
>> “Next week I will send to Congress a bill that will make Bitcoin a legal
>> tender in El Salvador,” Bukele said in the message Saturday. “In 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.”
>>
>> The U.S. dollar is El Salvador’s official currency. About one quarter of
>> El Salvador’s 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, “It is unclear whether anyone desires to pay their taxes
>> in Bitcoin.”
>>
>> Additional details of the plan were not released. But Bukele in
>> subsequent messages on Twitter noted that Bitcoin could be “the fastest
>> growing way to transfer six billion dollars a year in remittances.” 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 Salvador’s 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-salvador-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 country’s 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.
>>
>> “Next week I will send to Congress a bill that will make Bitcoin a legal
>> tender in El Salvador,” Bukele said in the message Saturday. “In 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.”
>>
>> The U.S. dollar is El Salvador’s official currency. About one quarter of
>> El Salvador’s 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, “It is unclear whether anyone desires to pay their taxes
>> in Bitcoin.”
>>
>> Bukele’s 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 “the fastest
>> growing way to transfer six billion dollars a year in remittances.” 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 Salvador’s 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 party’s dominance performance in Feb.
>> 28 elections, Bukele has concentrated power. His party’s 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 Bukele’s 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.
>>
>> Bukele’s concentration of power, attacks on critics and open disdain for
>> checks on his power have raised concerns about El Salvador’s path. However,
>> Bukele has a wide base of support in part due to the utter failure of the
>> country’s traditional parties who ruled during the past 30 years to improve
>> people’s 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
>> Salvador’s neighbours.
>>
>> ____________________________
>>
>> 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 & 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=9789387280106&lid=LSTBOK9789387280106NBA1CH&marketplace=FLIPKART&srno=s_1_1&otracker=search&fm=SEARCH&iid=ff35b702-e6a8-4423-b014-16c84f6f0092.9789387280106.SEARCH&ppt=Search%20Page>,
>> and MOM1AUpFront <http://www.authorsupfront.com/movements.htm>
>>
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