Bitcoin brings hopes, doubts for Salvadorans sending money

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“We accept Bitcoin” is announced at a barber shop in Santa Tecla, El Salvador, Saturday, Sept. 4, 2021. Starting Tuesday, Sept. 7, all businesses will have to accept payments in Bitcoin, except those lacking the technology to do so. (AP Photo/Salvador Melendez)

MIAMI (AP) — Several countries have dabbled in cryptocurrencies, but none has gone so far as El Salvador.

It’s adopting Bitcoin as an official currency on Tuesday.

The Central American nation is betting it will spur the economy and increase money sent home by Salvadorans in the U.S.

But many are unsure the plan will work as intended. Some say it’s too complicated and opaque.

Others worry about the way Bitcoin values can rise and fall sharply — potentially giving recipients a windfall or a loss.

Some also doubt government claims that it will be cheaper and easier than current ways of transferring money.

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