Bank of America: the government of El Salvador did the right thing by introducing Bitcoin

Bank of America provided unexpected support to the government of El Salvador in introducing Bitcoin into its financial system. One of the largest U.S. banks thought that Bitcoin could help develop the country's financial structure.
According to the bank, the introduction of Bitcoin is likely to reduce the price of monetary transactions. As we know, they account for almost a quarter of this country's GDP. In addition, it could also help increase the disposable income of the country's citizens.

Bank of America: the government of El Salvador did the right thing by introducing Bitcoin

Banking for citizens who are not connected to the services of banking institutions counts as another advantage of the introduction, the leading cryptocurrency asset. According to statistics, at least 70% of the citizens of the country still do not have access to bank accounts.
In addition, the state may well attract foreign direct investment, and become a regional center for mining cryptocurrencies, like in Iceland. It is worth noting that back in March, Bank of America issued a fairly categorical report on cryptocurrencies.

It reported that Bitcoin could only be used to speculate on the value of the asset, nothing more. Now the bank has softened its rhetoric a bit.
In the global financial system, the Salvadoran government's experiment with Bitcoin has been controversially received. A law initiated by President Naib Buquele introduces Bitcoin as legal tender.

After the President made Bitcoin an official means of payment, it became very popular in the cryptocurrency community. However, Naib Bukele then came under frequent criticism from experts and residents themselves.

The IMF also began to express its critical assessments, although its position in this case is understandable. In turn, the rating agency Moodys lowered the rating of the state due to the fact that Bitcoin has jeopardized negotiations with the IMF.
Perhaps, after such a statement of Bank of America attitude to the President of El Salvador will change for the better, as well as to the cryptocurrency BTC.
FX24

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