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"“Every restaurant, every barber shop, every bank” will be required to accept bitcoin, he said on Tuesday night as legislators debated his bill. He said the use of bitcoin would increase financial inclusion, as 70% of Salvadorans don’t have access to traditional financial services."
"The legislation passed by El Salvador is unusual because legal tender status generally just determines whether taxes and other debts can be paid through a specific instrument, rather than compel businesses to accept a specific form of payment"
could this be a portent for the end of the USD as the world's reserve currency?
"Other poor nations have talked about using cryptocurrencies as a way to free themselves from reliance on the U.S. dollar, the dominant currency in international financial transactions."
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The FIRST Yield Farm on Polygon
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Decentralized Finance (DeFi) is a developing area at the intersection of blockchain, digital assets, and financial services. DeFi protocols seek to disintermediate finance through both familiar and new service arrangements. The market experienced explosive growth beginning in 2020. According to tracking service DeFi Pulse, the value of digital assets1 locked into DeFi services grew from less than $1 billion in 2019 to over $15 billion at the end of 2020, and over $80 billion in May 2021.2 Yet DeFi is still early in its maturation.
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