Already a shady place, El Salvador has decided to go all out and embrace its heritage. Rather than be a dollarised economy, it is the first large economy to declare bitcoin as its main currency. No longer will Uncle Sam's interest rate changes or weak dollar games impac El Salvador.
So on one level this makes sense, many Central and South American countries are stuck in the dollarised trap after managing their own currencies proved too much for them and the markets. This on paper is a way out to freedom and stability.
But Bitcoin is traded for huge gains and losses every day, it is not stable at all. So I do sense a fault in this scheme. There are still many who think it will all collapse tomorrow (then again, this is true of the Greenback too).
El Salvador is going to be in for a helluva ride....certainly more than England, Scottish or Welsh fans over the next few weeks!
