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Bitcoin brings hopes, doubts for Salvadorans in Florida sending money home

Photo: Dmitry Demidko
Photo: Dmitry Demidko

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 US. 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.

Danielle Prieur is a general assignment reporter and fill-in host at WMFE.