At Miss Universe 71, Alejandra Guajardo represented El Salvador by donning a costume with a Bitcoin theme on Wednesday night’s National Costume Show.
Francisco Guerrero, a plastic artist, focused mainly on the reigning king of digital assets when creating the money ensemble.
The Focus is on Bitcoin
At the Miss Universe competition, Bitcoin takes center stage during the preliminary night, bringing cryptocurrency technology and some of the most stunning women in the world together on stage.
On November 11, 2021, Bitcoin’s price rose to a record high of $68,790. As of this writing, the cost of Bitcoin is $18,835, up 12% in the previous seven days.
The value of the cryptocurrency market topped $1 trillion in 2022. Market valuation rose by 67.35% from the previous year.
On Wednesday, a law governing issuing of digital assets by governmental and commercial entities was enacted in el Salvador.
The idea to promote both domestic and foreign investment was recommended by the country’s president, Nayib Bukele, and the ruling party.
The act aims to give people, organizations, and the government more funding choices.
When Did it All Start?
In 2021, El Salvador became the first nation worldwide to recognize Bitcoin as a legal tender. The international community, particularly the International Monetary Fund and World Bank, reacted to the decision generally with skepticism and anxiety. Additionally, American lawmakers expressed concern that El Salvador’s Bitcoin agenda may undercut U.S. sanctions measures and produce financial instability in the country.
El Salvador, meanwhile, passed its Digital Securities Law on Wednesday, establishing a foundation for stringent consumer protections on the broader cryptocurrency market and “establishing that we’re open for business to anyone who wishes to build the future by using Bitcoin,” according to the nation’s National Bitcoin Office.
Additionally, it opens the door for El Salvador’s so-called Volcano bonds, a $1 billion bond issue proposal that will use the profits to purchase Bitcoin and create a “Bitcoin City” powered by geothermal energy.
An estimated 70% of Salvadorans don’t have bank accounts; therefore, President Nayib Bukele, a tech-savvy millennial, has advocated for the use of digital currency as a means of integrating more people into the official economy. He contends that using cryptocurrency would make receiving remittances from overseas faster and less expensive and may release the indebted nation from the control of the established international banking system.
Why are Nations Embracing Bitcoin?
El Salvador’s President Nayib Bukele hopes bitcoin will solve some of the country’s most difficult economic issues: 70% of the population lacks a bank account, and citizens sending money home from abroad contribute up to a fifth of the GDP. However, they must pay high transaction fees. Bitcoin eliminates the need for banks and enables speedy affordable international payments.
El Salvador Adopts New Rules for Cryptocurrency and Bitcoin
El Salvador passed a law on Wednesday with the intention of regulating the issuance of digital assets by both public and commercial institutions. The measure was offered by the ruling party and El Salvador’s president, Nayib Bukele, as a strategy to draw in both domestic and foreign investment. The law provides additional avenues for individuals, groups, and the government to raise money.
Additionally, the law specifies the rules for “Volcano Bonds,” or bonds backed by bitcoin (BTC). The bonds will be used by the country to finance the construction of the envisioned Bitcoin City as well as debt repayment. Digital currencies, including those issued by central authorities, are separated from all other assets and financial instruments by law. It also sets Bitcoin apart from the rest of the cryptocurrency industry by classifying them as digital securities.