ADA also wants to be a legal tender! Founder says actively engaging with officials, Salvadoran President: Two legal tenders are already tricky

After the unprecedented adoption of Bitcoin as an official currency in El Salvador, the founder of Cardano is also actively engaging with Salvadoran officials. However, the President of El Salvador has stated that dealing with both the U.S. dollar and Bitcoin simultaneously has been challenging enough, and Bitcoin will be the country's sole cryptocurrency.

ADA Adoption Requested

El Salvador's move to adopt Bitcoin as legal tender has shocked the world. During Cardano ADA founder Charles Hoskinson's AMA on 6/21, a user asked, "What are your thoughts on this matter? Have there been any communications or discussions regarding the adoption of ADA with the country?"

Hoskinson responded:

Yes, we have been in talks with some officials and political parties in El Salvador. I may conduct a state visit. We have submitted all relevant documents and requests. We will meet with the president, but ultimately the decision to adopt or not is in their hands.

Node operator Cardanians also tweeted:

Dear people of El Salvador, blockchain is not just about Bitcoin. Blockchain can enable you to create a globally recognized identity, a more transparent financial system. If you want greater financial independence and freedom, take a look at Cardano.

No Consideration for Other Cryptocurrencies

El Salvador President Nayib Bukele, in an interview with "What Bitcoin Did" on 6/23, was asked by the host, "There are many competing coins in the crypto industry, some call them 'shitcoins,' have you considered opening up to them as well?"

Bukele responded:

Dealing with Bitcoin and the U.S. dollar simultaneously is already quite challenging. It requires setting up a lot of infrastructure, trust funds. We will give the buying and selling parties the greatest freedom, even if they settle in different currencies.

He emphasized that they will not ban competing coins. However, this is a Bitcoin law, solely Bitcoin. As for the fiat currency, Bitcoin will be the only cryptocurrency in the country. Having two legal tenders already poses a certain level of challenge, and a country cannot adopt ten legal tenders at once.

El Salvador's adoption of Bitcoin has been a rare positive development in the recent cryptocurrency market. The country also officially announced the launch of the payment app "Chivo" and will carry out an unprecedented national-level airdrop, where each citizen will receive $30 worth of Bitcoin for consumption.