It’s been two years since El Salvador has switched the US Dollar for Bitcoin in an experiment that many perceive as one with mixed results. However, if you follow the country’s tech-savvy president Nayib Bukele on Twitter, it’s been a stellar success. Of course, every country’s leader will say things like that even when it’s clearly the opposite. But, in the case of El Salvador, there have been more ups than downs.
In a world of finance dominated by big countries, El Salvador and Costa Rica have emerged as pioneers in tech innovation. Following El Salvador’s example, Costa Rica became the breeding ground for the innovative Blockchain Jungle conference. Both countries are having success with the blockchain, reshaping their economics and setting a new global norm.
El Salvador’s Bitcoin Dream
It’s safe to say that El Salvador is living the Bitcoin dream it imagined. After repeated pushbacks from the IMF for new loans, the country’s new and young president went and did the unimaginable. He accepted Bitcoin as legal tender, created the so-called volcano bonds, and allowed anyone to buy shares for the proposed Bitcoin city that would run on volcanic energy. After the experiment was a success due to Bitcoin’s high prices, he tackled other problems such as the country’s growing crime rates. He managed to swiftly put an end to it, not pressured to solve financial troubles.
There were times when El Salvador was tested, of course. Bitcoin’s wild volatility has brought its shares to the lowest point. But, instead of backing down, the small island country remained steadfast. It remained committed to integrating crypto into its economic fabric. Every dip was bought, and portions sold with a profit later. And it hasn’t just switched the dollar for Bitcoin. The country is adapting and using the blockchain to its unique needs and vision, which is inconceivable by big countries.
Costa Rica – a Blockchain Jungle
Costa Rica is carving out a blockchain path of its own. Compared to El Salvador, it’s focused on adopting the blockchain and exploring how it helps with sustainability. Costa Rica will be in the focus on November 16, when the Blockchain Jungle Conference takes place. It’ll happen in San Jose and is already a major event. Not an event – but a movement. Some of the speakers include Nick Szabo, Costa Rica’s Technology Minister Paula Bogantes, and Perianne Boring. It’ll be a global hub for sustainable blockchain technology like we’ve never seen before.
Blockchain Jungle is Costa Rica’s global statement that it’s ready to accept the blockchain as sustainable technology. That’s setting a new global norm in this field, so it’ll be interesting to see how the country approaches this question. This is more than just a statement. Like El Salvador’s Bitcoin intent to adopt foreign investment, Costa Rica’s use of the blockchain as a sustainable environmental tool is an expression of its identity.
The implications of these actions go beyond these countries’ borders. They show that emerging economies are not just followers in the tech race. Both countries are pioneers in it. They are setting the pace in these global norms instead of going with the flow, and it’s all thanks to the Bitcoin and the blockchain.