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Recode Daily

What happened when El Salvador went crypto

Recode Daily

Recode

Science, Technology, Society & Culture

4.61.3K Ratings

🗓️ 29 March 2022

⏱️ 13 minutes

🧾️ Download transcript

Summary

It’s been six months since El Salvador‘s president declared Bitcoin a legal currency, offering many lofty promises about what the cryptocurrency could do for the nation and its people. So how has this bold move affected the country, its economy, and its citizens? Leo Schwartz, Latin America reporter for Rest of World (@leomschwartz), explains. Read Leo’s story, co-authored with Anna-Cat Brigida (@AnnaCat_Brigida): https://restofworld.org/2022/el-salvador-bitcoin/ Today’s episode was produced and engineered by Jon Ehrens and hosted by Adam Clark Estes. Support Recode Daily by making a financial contribution to Vox! bit.ly/givepodcasts Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

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0:22.4

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0:26.6

Based on customer numbers, for verification email, appetisingatmailchimp.com.

0:33.6

It's Rico Daily. I'm Adam Clark-Estis.

0:37.6

About six months ago, we did an episode on El Salvador's bold move to make Bitcoin a legal tender.

0:44.6

This was after the country had become a famous haven for the digital currency

0:48.6

with places like Playa del Zonte, also known as Bitcoin Beach,

0:52.6

attracting crypto diehards from all over the world.

0:55.6

Bitcoin Beach is testing a sustainable Bitcoin economy to show how financial freedom for many is possible.

1:02.6

There's a sign that says Bitcoin Beach.

1:04.6

My entire goal is to see if I can actually pay for everything in Bitcoin.

1:08.6

Okay, that's cool. Literally just a beach stall, someone with a coconut

1:13.6

and I could just pay to their mobile phone with Bitcoin.

1:16.6

I'm about to eat a Bitcoin burger.

1:20.6

So it has El Salvador and its president, Naïb Bukele,

1:24.6

been able to make their utopian Bitcoin dreams a reality.

1:27.6

And how have Salvadorians adapted to this sudden change in its economy?

1:33.6

Here to update us on the successes and shortcomings of El Salvador's new Bitcoin experiment

...

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