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Amidst the doubts and scepticism came the news of El Salvador making Bitcoin their legal tender. Many thought it was far-fetched and impossible to adopt as a country. However, the country did that and has been able to aid its economy gracefully after that. There were countless people of went there only to visit the Bitcoin beach and see what it is like to live in a country where Bitcoin was accepted in every nook and corner. Additionally, after the government passed the Bitcoin law, the country saw an increase in crypto startups and a 30% increase in tourism. Of course, there are challenges throughout the journey since the government made the decision during a bull run, and the crypto market didn’t perform well. So, let’s break down the Salvadoran experiment with Bitcoin and list its pros and cons:

Pros:

The country's tourist ministry claims that since accepting bitcoin as legal tender, tourism in El Salvador has increased by more than 30%.
Crypto multiplied the opportunities to do business with more partners anywhere in the world.
Provided financial freedom and added innovation to the current system.
Along with more tourists, more investors also came to see how crypto works.
Around 1.1 million visitors had been projected, and the country has received 1.4 million.
After adopting the bitcoin law, El Salvador had a double-digit GDP increase for the first time in history, according to Nayib Bukele.
When compared to January 2021, exports, a key factor in economic growth, increased by 13% in January of this year.
In an effort to alleviate concerns about sustainability, Bukele claimed in June that he had given the state-owned geothermal power company LaGeo instructions to create a plan for providing bitcoin mining facilities utilising renewable energy from the nation's volcanoes.
Bukele has established a $150 million fund to facilitate the trading of bitcoin for dollars in order to help with foreign exchange.
In El Zonte, a beach town that served as one of the cryptocurrency's launchpads in El Salvador, bitcoin has established itself as a well-liked method of payment for individuals who hold them.
It has raised hopes that it might be a significant source of foreign exchange.

Cons:

Because of merchants' slow embrace of bitcoin, customers are left in the dark.
Hacking incidents are on the rise. At least 2,000 cases of identity theft have been monitored by the Tracoda watch group.
According to the World Bank and the International Monetary Fund, El Salvador runs the risk of becoming a refuge for tax evasion and money laundering.
Fitch stated that due to heightened foreign exchange and earnings volatility risk, bitcoin would have an adverse credit impact on Salvadoran insurance companies exposed to the currency.
El Salvador's creditworthiness was reduced by rating agency Moody's after Bukele's bitcoin law was adopted.
The country's dollar-denominated bonds are also under pressure.
It might make financial institutions more susceptible to legal, financial, and operational risks, including those related to global anti-money laundering and terrorism financing laws.

So, VIPS Token (VIPS), a native token of VIPS Finstock, is issuing blockchain-verifiable certificates by integrating a polygon-based dApp called LegitDoc.
These certificates will be issued to the first buyers of NFTs who bought them using VIPS Tokens.
VIPS Token website - https://vipstoken.com
VIPS Finstock Website - https://vipsfinstock.com/

Soulbound tokens are digital assets created/built based on someone's characteristics or traits. In short, SBTs are digital tokens with the essence of personal essence/qualities.

To add more, Soulbound Tokens are non-transferable tokens that symbolize one's identity; they can be anything from dates, life history, or anything personal.

SBTs are kept in 'souls' - the wallets that store the Soulbound Tokens. Soulbound tokens are not just non-transferable tokens but publicly verifiable tokens too.

Use cases - At the moment, the prospective uses for SBTs appear unlimited. While almost anything might be considered an SBT (or an NFT), official documentation may have been the first sort of content to become Soulbound.

Proof education could fast become one of the most popular applications of SBTs. Businesses could look into an applicant's Soul Wallet to confirm their graduation status or various credentials. Even government-issued identity could also serve as an SBT. Consider an immutable digital passport, which officials may update as citizens travel and request for visas.

What do you guys think?