Experts in cybercrime are not so sure.
Analysts have suggested the scheme could jeopardise El Salvador’s negotiations with the IMF for a $1bn loan.
In principle El Salvador has much to gain from crypto, with a history of harsh inflation, a huge “unbanked” population and remittances accounting for 26pc of its GDP.
Crypto is actually a double-edged sword for crooks.
Richard Sanders, at CipherBlade, spells out what could go wrong.
In fact, Bukele is proposing permanent residency for anyone who spends at least three Bitcoins on anything from office furniture to houses and cars.
In his Twitter chat, Bukele dismissed the idea that Bitcoin was more risky than other assets.