Tom Carreras is a markets reporter for CoinDesk. He holds BTC, ETH and SOL above CoinDesk's disclosure threshold of $1,000.
Crypto regulators need to deeply understand the technology before offering regulatory frameworks, Reyes said.When it comes to regulating crypto, El Salvador has a head-start on most other countries.
“There’s an old saying in English: ‘If it sounds like a duck, it looks like a duck, and it quacks like a duck, it's probably a duck,’” Reyes said. “Well, in this case, it's not a duck. Digital assets are not like traditional financial instruments at all.” His professional background is just as varied. His experience ranges from leading a consulting firm for 15 years to developing business opportunities for the Missanabie Cree First Nation to opening a bar on the second floor of his beach house. A Bitcoin believer since 2013, he decided to move back to El Salvador in 2021 to take part in the cryptocurrency nationalization process.
“It was a very detailed and complex process. I mean, we submitted a 700-page application,” Cowan said. “But the decision-making process was a lot faster after the application had been filed… It was incredibly thorough, I would say, as equal as any other regulatory process we've had to undergo before. It wasn't easier, just quicker.”
To fall back on the electric car analogy, it’s as if El Salvador was able to specialize right away in fixing batteries and motors, instead of having to convert its existing infrastructure — designed for engines and pistons — into the kind of garage that can repair a Tesla.
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