After El Salvador’s President Nayib Bukele gave a tentative response to the idea of the entire crypto industry opening up to his country, Cardanian interest group operators tweeted that blockchain is more than just Bitcoin and requested ADA, the Cardano cryptocurrency, an opportunity too. Their arguments are that Cardano can offer more transparency, independence and freedom than Bitcoin.
In an interview with the YouTube channel What Bitcoin Did, President Bukele however also expressed that “it is quite difficult to deal with two parallel currencies in BTC and USD and it would be impossible to facilitate ten legal tenders”:
“The law that was enacted in Salvador is a Bitcoin law. It is very difficult to establish two currencies that work at the same time. And, as I said before, give total freedom to the seller and total freedom to the buyer at the same time, even if the seller and the buyer choose a different currency.
Bukele stressed that he is not going to ban altcoins and “developers of alternative cryptocurrencies are free to set up a store and invest in El Salvador. But when it comes to legal tender, Bitcoin will be the only cryptocurrency in the country.”
Bitcoin activity in El Salvador has shown the world that, despite opposition, massive adoption of cryptocurrencies is taking place. Not because a niche sector of society says so, but because cryptocurrencies are an alternative to a system that does not take into account the interest of the people.
Given that the legislation is called the “Bitcoin Law”, what are the chances that Cardano will also get the same recognition?
The message from Cardano was addressed to the entire population of the Central American country: “Dear people of El Salvador, blockchain are not just about Bitcoin. Blockchain allows you to create a global identity or make certain financial processes more transparent. You can even issue your own stablecoin and become independent. If you want more freedom, watch #Cardano”.
Charles Hoskinson, founder of Cardano, said recently that he has been in contact with officials in El Salvador about Cardano and stated that he has been in talks with some officials and parties in the country and “may make a state visit.”
Hoskinson also confirmed that they have sent all the documentation and requests to meet with the president. And he clarified that the decision will continue to be in the hands of Bukele.
Cardano recently announced government agreements in Ethiopia and Tanzania to implement a blockchain infrastructure related to education and internet connectivity. But with El Salvador turning Bitcoin into legal tender, Hoskinson sees an opportunity to capitalize on the pro-crypto momentum flooding the country.